The dream of launching a business runs deep in the American psyche, but more often than not those dreams go bust. Half of new U.S. companies fail in their first five years, according to Gallup. Expand the timeframe out to 10 years and the failure rate reaches 70 percent.
That’s not surprising, since he skills it takes to start a business aren’t necessarily the same as those it takes to keep that business afloat. What is surprising, though? In the U.S., more businesses are now being shut down (470,000) than are being started (400,000).
As I said in my book, “The Second Decision – The Qualified Entrepreneur, ” many entrepreneurs have the gumption to take that dramatic first step of sparking something into creation, but too many lack the perspective to reflect on what’s needed for the next step. Also, anyone can declare themselves an entrepreneur. No qualifications are required. Because of that lack of proper qualifications, entrepreneurs often make five mistakes that threaten to put their businesses at risk.
For the rest of the story, read the March issue of BIG Times Magazine at http://biginsusa.com/news/category/big-times-magazine/.