Þ out of 3 business startups will close the doors within 6 months.
Þ out of 4 small to medium sized businesses will fail within 5
years.
Þ out of 10 small to medium businesses will eventually close.
What can the entrepreneur lose?
Everything! Their savings, their family car and yes, even their home. But
even worse than the material items, they can lose their self' esteem. They can work hard again and
recover from economic losses, but sometimes the loss of belief in ones self can
be the worst to recover from.
Why the high failure rate?
Because they have to have knowledge of all
of the activities in their business. They must be the CEO, Treasurer,
production supervisor, marketing specialist, insurance expert, legal critic,
etc.:. They may hire people to help them with these jobs but the buck stops on
their desk. They have to be responsible
for all of the decisions made in their company. And if they drop any of the
balls they are juggling, they could be one of the above statistics.
The Difference? Business Knowledge!
The difference between success and failure in
small business is business knowledge! They cannot fly by the seat of their pants
anymore. That worked back in the days of "build a better mousetrap, "
but not in the 90’s and beyond they must have business knowledge to succeed.
OED strives to:
1.
Reach these small
business owners in need of assistance.
2.
Make them aware of the
training and support available.
3.
Show then the value of
learning and implementing what they learn.
Eric
Eric W. Leaman
Trustee
Organization for Entrepreneurial Development
Unleashing the entrepreneurial spirit.
Change your mind ... and EVERYTHING
changes
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