Am I Ready To Start A New Business?

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Did you know that the Department of Labor predicts that by 2010 the largest employer will be the self-employed? According to recent surveys, over 90% of individuals between the ages of 25-44 hope to own their own business and most influential people believe that entrepreneurship is the defining trend of the 21st century. Couple these statistics with the existence of a global economy, easy access to technology and increasing dissatisfaction with the corporate treadmill, the next four years should result in an unprecedented season of new business start ups.

But before you quit your day job to pursue the dream of a lifetime, there are some steps that should take to ensure that you do not become a part of another Department of Labor statistic — 70-80% failure rate for new businesses within the first four years of operations. Clearly it takes more than a unique idea or product. Nine out of 10 US business failures are attributed to a lack of general business skills that primarily occur in the areas of money, management or marketing—the 3 “Ms” of business failure.

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Published In: Business Organization Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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