It's Your Business

M.E.B. stopped by the office and we discussed the owner entrepreneur business dream.

I said the most important decision before going into business is to choose your partners carefully. Not just immediate partners (if you have any) but customers, suppliers and all the people you will interact with in the process of performing the activity you love.

MEB said - You sound like my husband (H.B.) and he adds a second fact: "Whatever business you start, you can assume you will be doing everything but the business/activity that caused you to want to start the business.

Seven of ten new employer small businesses survive at least two years, and about half survive five years - see figure 6.2 of Scott Shane's book "Illusions of Entrepreneurship" (these statistics are as elusive as unemployment stats). What is the single biggest causes - weak general management, financial management and marketing capabilities.

I bet the real reason businesses close is due to what H.B. stated - the inability to do the activity you love.