By Walter Nunez & Yhordan Serpentini
What is it like to be a small business owner? it can be exciting and scary. Exciting because you are pursuing a dream, a passion, a vision, and a skill while enjoying your flexibility. It can be scary because of the financial stress and uncertainty it may have especially during the start-up stage.
Why Small Businesses Grow
In the US there are 30.7 million small businesses (SBA) and the vast majority fail. Knowing this fact makes it even scarier, but that as not stop the small business owners to continue to grow.
The most common reason why small business ownership is continuing to grow is wanting to be your own boss, wanting to control your own destiny, and making a difference in the community. Newer generations are more likely to create a business and that population is increasing and that should be great news for our economy. Small business creates approximately 1.5 million jobs (SBA) but how many stay open?
Why Small Businesses Fail
The main reason why small businesses fail is a lack of proper planning and lack of access to capital. Planning is crucial to studying market demands, target audience, and marketing strategy. Access to capital is needed to execute the plan while maintaining a proper cash flow analysis. Running a successful business requires more than your hard work, it also requires knowing when teamwork help is beneficial.
Here, at Jaeli Capital Consulting, we will love to be part of your team. “Great things in business are never done by one person; they’re done by a team of people.” – Steve Jobs
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