Terry Barber: Let’s get real about business
It has been estimated that 80 percent of all businesses worldwide fail within the first five years; most within the first two years! According to an Aug. 12, 2015, article in Inc. Magazine, 96 percent of all businesses within the USA fail within 10 years!
Re-read those figures.
Each year, federal, state, and local governments spend millions of dollars offering free resources, education and tools for these businesses. Yet businesses continue to fail at dismal rates. Most of these failed businesses are small-to-medium businesses (SMBs).
Conventional wisdom would suggest that these figures would discourage people from owning or starting their own business. However, per the U.S. Small Business Administration (SBA.gov), every year since 2010, over 500,000 small-to-medium businesses (SMBs) were created. Small business is big in the USA.
• The 28 million small businesses in America account for 54 percent of all U.S. sales.
• Small businesses provide 55 percent of all jobs and 66 percent of all net new jobs since the 1970s.
• The 600,000 plus franchised small businesses in the U.S. account for 40 percent of all retail sales and provide jobs for some 8 million people.
• The small business sector in America occupies 30 to 50 percent of all commercial space, an estimated 20-34 billion square feet.
What’s the cost of failed SMBs? Ruined savings, wrecked marriages, lost hopes and dreams, and difficult futures along with lost jobs and unrealized wealth. Failed businesses impact families, communities, counties, states and countries.
How can something so vitally important be so consistently unsuccessful? What can we do to improve these abysmal success rates?
Take a year-long journey with me, as we explore the mindset, methods and musts each business owner needs to know and embrace to be a successful business owner. We will explore how our greatest strengths as business owners can be our biggest weaknesses. We will discover the foundational “musts” and “must nots” for each business. Let’s create abundance in your business through re-education and edutainment.
Terry Barber, of Craig, is co-owner and founder of Ardent Leadership & Technology Solutions, Inc. and your local certified business coach for the world’s #1 business coaching firm, ActionCOACH.Terry Barber, of Craig, is co-owner and founder of Ardent Leadership & Technology Solutions, Inc. and your local certified business coach for the world’s #1 business coaching firm, ActionCOACH. Terry Barber, of Craig, is co-owner and founder of Ardent Leadership & Technology Solutions, Inc. and your local certified business coach for the world’s #1 business coaching firm, ActionCOACH.
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If a resident of Craig wanted to dive into how the city is spending its money on economic development, that resident wouldn’t get very far. A new city ordinance creating a department could change that.