Small Business Statistics Do Small Businesses Have A Future?

So you have been retrenched or downsized or whatever the hyped up word is for the process today and you have decided to start your own small business

. There are some things that you need to consider and take proper account of before heading down this path and investing some of that redundancy pay in the hope of a good return on the investment. The statistics show that one in 3 small businesses fail within the first three years.

Failing in a small business is a bank busting, credit destroying, ego bruising, demoralising, self confidence destroying event. Not to mention the stress of creditor phone calls, bailiffs, hounding debtors to pay accounts who can sometimes be in the same position as yourself and all the other angst that goes with the process. Before you get to this stage though you will already have gone through the hoops to try to get or increase business loans, credit cards, finding a partner or JV partner and waking up in the early morning hours and worrying. These are just some of the things you need to be aware of before starting any small business.

Having said the realities, and you still decide to go ahead and pursue your dream of being your own Boss, then you need to know whether small businesses have a future. The answer is a qualified yes.

I say qualified because there are many contingencies that will impact your small business and I have decided to write a series of articles on some of the known major ones that will carry a heavy impact on the success or failure of your venture.

ATTITUDE:

The first major contingency factor is yourself. Your attitude towards working for yourself, and towards people as customers, will be a major factor in the outcome for you.

Many people when they start working for themselves without having a boss to account to, tend to get lazy and start opening up the shop or office late, leaving the business and going home early or taking too many very long lunch breaks.

Self discipline here will be the key; so how self disciplined are you? Can you avoid the temptation of not working so hard as you did for someone else, or can you now work harder for yourself and your family than ever before because you are now working for yourself and are the only one responsible for whatever the outcome? There's no one else to do the work and there is no one else to blame when things go wrong. You are it.

Are you a people person? If you are going to deal with people face to face or on the phone continuously, how patient and understanding are you before you lose patience with people? People are your new customers and if you don't like people very much or have trouble dealing with those whom you consider a sandwich short of a picnic; then it may not be a good idea for you to go into a retail or services industry. People will always ask you what you have just told them either because they didn't hear you, didn't listen or simply don't understand. Either way, people can be very trying on a persons patience.

If you are likely to be short tempered with people and lose patience with them, or consider customers to be a major inconvenience when you are trying to do something else in your business, then perhaps a retail or service industry business is not for you. After all, if you are going to go broke, there are many nicer ways, like sitting under a palm tree in the tropics somewhere, to do so. Your attitude needs careful and honest appraisal before starting a small business so that you can determine your own future success or failure.

by: Jan Smith

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