Why Do You Suppose So Many Small Businesses Fail?

If you ever wondered why so many small businesses fail, a big reason is often the owner didn’t do enough research on what is involved with running and managing a successful business. Before a person jumps into a pool to swim, he/she must first learn “how to swim”. The same goes for flying a plane. A person needs to have flying lessons and practice before sitting in the pilot’s seat.

Many people have good reason to get frustrated with some employers, who do not act responsibly by investing into good equipment and training employees. As an employee, you may see an employer doing a bad job, but there are many tasks and responsibilities an owner does that are often not seen by employees. A business owner has many tasks and roles, as well as long hours and days, etc.

With this in mind, credit must be given to most owners, who devote so much time, effort, and money into the career path they have taken as a business owner. Though we did much research and planning in preparation of starting our business, about ten months into our business, we provided a “Self-Employment Workshop” for a large group of displaced employees, who had an interest in becoming employers. As we facilitated this workshop, relaying all the different areas of business an owner needs to handle, we saw the different expressions on these peoples’ faces. Afterwards the conclusions of the group were about 1/3 of them decided NOT to become self-employed, another 1/3 who felt they needed to research and evaluate if this was still feasible, while the last 1/3 seemed confident that they were ready for the challenge.

This conclusion should relay that Self-Employment is not for everyone, but it can be for you, provided you research this career path thoroughly and tap into those familiar with career transitions and choices. Compass Career Management Solutions are transitional experts. Therefore, they can either “coach” you on this option, or you can join an open workshop when available.

  • Is Self-Employment a career fit for you?
  • Are you well organized, disciplined, and a good money manager?
  • A business owner needs to have many strong leadership qualities but also know when to bring in others with needed skills.

Your chosen business should be a passion of yours or familiar to you. A Successful Business Owner has no “magic bullet” or special tricks. It is hard work and requires strategic planning as well as good organization skills and communication. It is a MAJOR commitment with good follow-through. Learn what it takes to build a successful business via Compass Career Management Solutions’ educational program. A Practical Program with Factual Information by Career Professionals at Reasonable rates. Contact us for more information: 704-849-2500.

This entry was posted in News. Bookmark the permalink.