In this article by Taylor Gordon there are great insights for those who are going at it alone. As someone who is going at it along and working full time. I have to agree with this article. The biggest challenges I see for those going at it alone is proper planning and timing. Building a business does not occur overnight. Some interesting stats for small businesses:
- 40 percent of small businesses are profitable, 30 percent break even and 30 percent are continually losing money.
- Leading causes of small business failure:
- Incompetence: 46 percent;
- Unbalanced experience or lack of managerial experience: 30 percent;
- Catchall category (includes neglect, fraud, and disaster): 13 percent; and
- Lack of experiences in line of goods or services: 11 percent.
- A bit more than 50 percent of small businesses fail in the first four years.
- In fact, of all small businesses started in 2011:
- 4 percent made it to the second year
- 3 percent made it to the third year
- 9 percent made it to the fourth year
- 3 percent made it to the fifth year
These are some eye opening statistics. Share your thoughts and comments below.