Yes, successful small business owners do make running a business look so easy.
Make no mistake, no one was ever born with expert business skills, successful owners have learned a great
deal.
Unfortunately, small business owners are rarely able to take the time to become experts in the principles
and practices of business before launching their entrepreneurial endeavor.
Then of course it is not surprising that data from the U.S. Bureau of Labor Statistics, indicates
20 percent of small businesses fail within their first year. By the end of their fifth
year, roughly 50 percent of small businesses fail. After 10 years, the survival rate drops to approximately
35 percent and after 20 years only 20 percent of the original businesses remain.
While business owners list lots of reasons for their failures, research indicates that 90 percent
of business failures were due to the owners' lack of skills, knowledge or understanding. In other
words, they don't know what they don't know.
In support of this findings, independent research by the United States Small Business Development Center
concludes that 90 percent of small businesses getting assistance from an established source of
expertise were still in business after five years.
Over the last 150 years, the Business Apprenticeship programs that once spanned our nation have faded into
history as business schools were introduced into the university system. Today, programs like the Kauffman
Foundation's FastTrac program and the Goldman 10,000 Small Business program strive to satisfy the demand for
small business knowledge.
NEW! - free online digital learning platform for women entrepreneurs
The U.S. Small Business Administration recently announced the launch of Ascent, a first-of-its-kind, free
digital e-learning platform geared to help women entrepreneurs grow and expand their businesses. Ascent has
valuable content such as tips on preparing and recovering from disasters, strategic marketing and business
financial strategy development.
Visit Ascent.SBA.gov and register for your free access
today.