Entrepreneurial Truths You Must Know

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October 12, 2019

Take This Job And Shove It!! I hope…..

Things to consider before starting your own business

Each and every day in the United States, there are people just like you that dream of telling the boss to take your job and shove it while they dream of all of the things they would rather be doing. The man is keeping you down.

Tons of people who own their own businesses get to do whatever they want right? They don’t have to ask permission to go on vacation, sleep in, or take the day off and work from home in the fuzzy slippers with hot cup of coffee in hand.

The Small Business Association (SBA) estimates that 627,000 small businesses are started every year by people who just aren’t cut out to work for somebody else and that amount of good old fashion American entrepreneurship is a wonderful thing.

Want the bad news?

The SBA also estimates that 30% of these ventures fail within the first 2 years, 50% by year 5 and 66% in the first 10 years. That means that only 1/3 of the 627,000 make it through a decade. In fact, 595,000 small business’s close each year. This means that while, 627,000 open each year, there are only 32,000 more business’s in this country by the end of the year. This represents only a 5% growth rate!!

Here are a few more scary stats. Census data from 2016 shows the average yearly gross revenue of small businesses with NO employees is only 44,000 a year and 2/3 of them gross less than 25,000 per year.

Why? Trust me… it’s not easy to open a small business. You have to:

  • Come up with a fantastic idea that you can actually accomplish
  • Generate legal paperwork to establish your tax ID
  • Acquire tools, products and vehicles
  • Tell everybody you’ve ever met about your new venture
  • Quit your job or decide to keep your day gig and work twice as hard to get your new plan off of the ground.
  • Commit to setting aside the next decade of your life to this new path.

And then…..

Only 33% make it past year 10

And…..

You average 44,000 in yearly gross revenue if you don’t take steps to become an employer.

And there’s the “Rub”……

Ramping up a small business

Why do non-employers only average 44,000? Well, you can’t do everything by yourself. Entrepreneurs quickly realize that they have to know how to do everything. This includes but isn’t limited to:

  • Dreaming Up The Business
  • Taking on ALL financial risk
  • Finding Financing
  • Providing the promised good or service
  • Unlocking the Door
  • Answering the Phone
  • Cleaning
  • Computer Maintenance
  • Bookkeeping
  • Marketing

It takes a lot of effort to accomplish all needed tasks which ultimately limits the amount of time the owner can spend on sales, marketing and providing goods and services to clients which is where the money comes from in the first place.

So…..

Can we agree that we can’t get where we want to go without stepping into the world of becoming an employer and ultimately managing and dealing with people who have much less invested in your business than you do?

Goals of starting a small business

What is your ultimate goal. If your goal is to give yourself a much more difficult and risky job that requires twice as much time as the one you currently have, stop reading our blog and return to your life sucking current place of employment. 

If you are interested in working towards a life of freedom and control, you are in the right place. We’ll hold your hand and we won’t let anybody hurt you.

Good…now that we’ve established the ground rules, we can move on.

If you are interested in talking more about your current start-up idea or if you’re currently in business and feel stuck and frustrated, I’ve set aside some time in my schedule for a free 60 minute strategy session. Just click the link below and schedule some time with me. I’d love to help.



               CLAIM YOUR FREE 30-MINUTE STRATEGY SESSION            


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