Business is hard. It is challenging and scary. It takes resolve and resiliency. It takes courage. Bundle all of those things together and you come up with EGO. Ego, the Cambridge Dictionary defines it as “the idea or opinion that you have of yourself, especially the level of your ability and intelligence…” In other words, you believe enough in yourself that you take on the challenge of owning a business. This is the good side of ego.
Small Business is the backbone of the American Economy. In 2014 it created 2/3rds of all new jobs and 73% of new jobs in 2015. Yet small business fails at an alarming rate with 50% in the first year and a troubling 96% within 10 years, according to some reporting agencies.
What is Small Business in America? By some definition, it is companies with less than 100 employees. By others, it is less than 500 employees. Some include home based businesses, some do not. For simplicity, we will focus on companies with less than 50 employees and exclude home based business.
All of us are aware of the very basics of a business. You have to make money, you have to spend money and when all of that is taken together, you want money left over. Sometimes that doesn’t go as planned.