Very Sad Statistics

I had a very eye opening call with life/business coach Stephanie Frank last week as part of my weekly free teleseminar series.

On the call Stephanie gave out the following statistics:

1) 99.7% of all businessess started each year in the US are small businesses (this comes to around 22 million businesses).

2) Of this figure, over 50% of these small businesses are home based businesses (so over 11 million)

3) Overall 85% of these businesses will fail within a year or two of opening This means that nearly 9.4 million home based businesses will fail just this year alone. That is very sad.

While there are several reasons for business failure, two stand out:

1) Lack of entrepreneurial skill - these businesses are being run by people who either have no experience running a business and/or don't know what it takes to run a business

2) Lack of peer support - so many people try to solve all their problems by themselves or think there is only one solution to every problem. Having a good peer support network allows people to see things clearer and solve problems quicker. This Community message board is a great resource for addressing failure reason #2.  People need to create masterminding groups, however. These can do wonders for your business.

Where people seem to come up short is with learning how to be an entrepreneur. There aren't a lot of good resources for this and most people learn through trial and error. This can be frustrating, time consuming and very costly.

The best way that I have found is to find someone you can trust who has the skills you want and to learn from that person. Although it costs more money up front to acquire these skills, if you are running a serious business, it will pay you back huge dividends in the end.

So, get the education that you need to survive and continue to use and seek out peer networks. It will be the best investment in yourself you have ever made. Get yourself in the 15% of companies who make it.

To listen to the call I did with Stephanie for free go to: www.followmysuccess.com/stephanie

To our success,

Chuck

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To join a free weekly teleseminar series for top marketers go to: www.followmysuccess.com