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New Networking Group … Why 95% of small businesses fail in the first 5 years

I was asked to attend an initial meeting of a networking/employment group this evening; it was broadly advertised in the bulletins of many different faith denominations.  Those in attendance were either starting or had just started a new business and the other half, were looking for work.

As the meeting progressed and each person shared their hopes and needs, I felt that there were two things missing; the lack of the word “we” (Each of the businesses was owned by one person); and when I asked the business owners to raise their hand if they had a working business plan, no one raised their hand.

Let me share my experience with the word “we”; I don’t have statistics, but in my findings, business owners that had a partner increased their chance for survival and profit. Most entrepreneurs are fiercely independent; it’s their million dollar idea and they are not going to share it. Statistics do tell us that 95% of the businesses that are started today will fail within the first 5 years and a million dollar idea that doesn’t come to fruition does not have any value.

As the old saying goes “two heads are better than one”. I add that two heads have a better opportunity to more than double the chances of success and the amount of profit. The moral is to encourage business owners to find a compatible partner with the same values, vision and excitement. So is there an alternative? The answer is yes; I suggest the following possible solutions:

  • Find a good mentor/coach who will work with you on a percentage of the future income. In this way you are still 100% owner and still have a partner.
  • A strong business support group made up of successful business owners who are willing to meet with you at least once a month (twice would be better) to review your progress and guide you.

The same strategy of team work will help those looking for a job. Starting each day, by yourself,  with making phone calls, sending out resumes and then going to a coffee shop is not as productive as meeting with another person looking for work and  planning your day together.

Open yourself up and reach out. Man was never meant to be alone.

Be in Business for yourself, but never be in Business by yourself.  

Nick J. Petra   nick@strategicduck.com    go to www.strategicduck.com and sign up for our monthly newsletter; you will also learn more about us and how we can help reach your dreams.

Make it a Successful Today!

 

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