The Biggest Reason Why Businesses Fail
THE CHALLENGE OF BEING A SMALL BUSINESS OWNER
Look, being in business is a risk. It is an adventure. It is a headache, but it is also very rewarding.
Part of the problem is that no one taught you what it really takes to succeed in the business world. Some people just play it by ear, wing it, hope it will all work out in their favor. For a very rare few, it does work that way, but for the rest of us, we struggle every day.
But I’m about to change all that…and SO ARE YOU!
HERE ARE SOME STAGGERING BUSINESS FACTS REPORTED BY THE KAUFFMAN FOUNDATION.
The Kauffman Foundation was founded in the late 1960’s. It is a non-profit-organization that focuses exclusively on entrepreneurship.
According to their latest Index of Entrepreneurial Activity (released May 23, 2007) approximately 465,000 NEW businesses are created each month in the US.
That’s 5.5 million new businesses starting up each year.
According to the U.S. Bureau of Labor Statistics, 34% fail in less than two years, and 56% fail within 4 years.
That means that out of 11 million new business startups in 2 years, 3,794,400 failed.
Over 4 years 22,320,000 startups… 12,499,200 failures.
These are mind-blowing statistics that don’t even tell the whole story. The reality is actually far worse.
What these statistics don’t show are the millions upon millions of unregistered one-person operations that start up each year and fail. Maybe you’re on the verge of doing just that?
It makes you wonder what the failure rates for those businesses are. My guess is it is way higher.
Do I have your attention yet?
I better have it because I want you to READ THE NEXT FEW PARAGRAPHS VERY CAREFULLY.
The reason that all those businesses fail has virtually nothing to do with the business itself, nor the industry, nor the market.
Let me explain.
I am sure you know people who are wildly successful in a given industry, while others in the same industry are failing miserably. If it’s the same industry, the same market, etc., what’s the difference?
The only difference is the people who are running the business. Now if you think that’s obvious, it is. Yet it’s the most overlooked area in business.
The fact is that you are your business. The degree that you know yourself correlates directly to the amount of success you experience in your business. You simply can’t separate the two.
When you understand yourself intimately, you stop running on automatic pilot, you get clear, really clear about what you want, where you’re going and you create a brand new future both personally and professionally.
While it’s true that discovering yourself is truly the key to be successful in life and in business and it’s the key to be satisfied, fulfilled and happy, so few people are willing to do it.
In fact, a mentor of mine puts it in a great way. Your brain will fight very, very hard against any new information that doesn’t line up with what it already believes.
If you believe a certain thing about yourself, (conscious or not) your customers, your industry, your market, then that belief, whether it is true or not will run the business.
So what you must do is test the beliefs you have vs. the reality that exists. The question naturally arises, “How do I discover the beliefs I have if I don’t even know that I have them?”
The answer to that is that you need outside support to help you to see what you can’t see, hear what you can’t hear and do what you haven’t done so that you can have what you want to have.
The things I couldn’t see were running and ruining my life and my business.
This doesn’t have to be your experience. You can learn from my mistakes and I will help you to discover what’s in your way. Send me an email or give me a call and we’ll talk about what’s bugging you and what you can do to resolve it once and for all.
So, that’s it for this issue my friend. May you be blessed beyond belief this week and may all of your dreams and your success come true. And may everything you wish for be the least that you get.
Until next issue…
To your success,
Darshan G. Shanti – The 24 Hour Champion