I'm wondering if entrepreneurs realize that it's the same threat that causes 80% of business to fail in 5-years.
Would you be surprised if I told you it's that same threat that been taking down entrepreneurs for a thousand years?
Imagine what would happen if every entrepreneur took the time to thoroughly research their market before they did anything else.
You would see and hear about many less business failures.
From my research and experience, to many entrepreneurs with amazing technical experience jump into a business with little or no research as to whether there is a tested and proven market that can afford the products, services or ideas they offer.
And even worse, why is it that some entrepreneurs jump into a business and have no idea how to market or sell what they are offering?
Do solid research. Learn how to market and sell.
Then you’ll eliminate 80% of the biggest threats to entrepreneurs.
Now that said …. I do have a personal opinion on the elephant in the room.
The single biggest threat to entrepreneurs is the same as it has been for decades: All forms of government have been, are, and will be a bane to entrepreneurs.
Simply put …. that our government - both federal and state - makes it hard to be a small business, despite the fact that 80% of American workers are employed by companies with 500 or less employees.
In my opinion, the biggest threat is government intervention.
- The higher tax rates dry up the supply of investment capital.
- Voluminous labor laws (and benefit laws) make it too complicated to hire.
- Complicated tax laws and un-funded mandates are demoralizing, and they distract businesses from pursuing their core competencies - Any business that makes a decision based on tax savings is not wise. IE: The browns moving to Baltimore; Oil companies who tried to become conglomerates in the 70s and early 80s.
Point blank ….. progressives and Big Government are the single biggest threat to entrepreneurship.
Most any other potential hurdle is a personal issue that an entrepreneur can solve through personal growth, innovation, and creativity.
It will take an army of entrepreneurs, though, to stop the absolute bombing run the progressives (on both sides of the political aisle) are on to get into small business' pocket to fund their maniac spending habits.
Even the best entrepreneur with the best technology and unlimited bank loans cannot build a thriving business if 70+% of their resources goes to fund big government, entitlement programs, and wasteful spending.
Everything is in flux and very little of it appears to be friendly to small businesses...higher taxes and/or 'fees' in unknown amounts are coming, putting plans for expansion, innovation or growth in a limbo situation. The best we can do at this point is plan as we have in the past, knowing that we may have to change those plans soon and quickly to incorporate government mandates that will surely affect our bottom lines.
If you have any thoughts on the subject …. Feel free to leave a comment. I’m sure your fellow small business entrepreneurs would benefit.