There is a gamut of reasons for why people start their own businesses: to be their own boss, to have more flexibility, to pursue their passion. Unfortunately, the majority of small businesses have one thing in common: they fail.
With all the “experts” and advice available today at the click of a mouse or an afternoon of perusing the local library or bookstore, why do so many new businesses fail?
In a recent column in The New York Times, Jay Goltz (who owns five small businesses himself), outlines three reasons:
- Many entrepreneurs learn to build a business the way some people learn to swim; they just jump in.
- Not everyone is wired to be an entrepreneur.
- Entrepreneurship is about risk
Dive deeper into Jay’s article and learn how you can avoid becoming a “my small business failed” statistic by:
- Learning the basics of accounting
- Completing a business plan
- Being careful about going into business with a friend
Going into business for yourself can be dicey. Do your homework and make sure it’s the right thing for you. Learn from folks who are succeeding. And if entrepreneurship is still calling, answer the door and go for it!