Businesses start and fail in the Unites States as a very high rate. According to the Department of Commerce, every year over 1,000,000 people in the United States of America start a business of some sort. The Department of Commerce also states that by the end of the first year at least 40% of them will be out of business.
Within five years, more that 80% of them – 800,000 – will have failed.
Now for the real scary news. The Department of Commerce states, If you own a business that survive the first five years or more, you are not “out of the woods” of not surviving. You see 80% of the remaining 200,000 businesses – 160,000 of them fail in the second five years!
Why?, What lesson do these 960,000 people who start a business need to learn? Why is it with all the Business books, information, available today on how to run a successful business 96% of them fail with in ten years?
In Michael Gerber’s book: The E-Myth Revisited One of the main reasons is the famous E-Myth. Gerber goes on to explain this Myth this way: “There is a myth in this country – I call it the E-Myth – which says that small Business are started by entrepreneurs risking capital to make a profit. This is simply not so. The real reasons people start a business have little to do with entrepreneurship.”
To over come the 96% failure rate, Small Business owners need to implement a systematic, dynamic process that I coin a MPPT – Model / Methodology, Process, People and Technology solution that runs their business. According to Gerber, “…experience has shown what when a small business incorporates this type of process into its every activity and uses it to control its destiny, that company stays young and thrives.” An MPPT can be systematically applied by any small business owner in a step – by – step method. Implementing this into your business allows your business to become a predictable way to produce results.
Infusing an MPPT will also provide you, the business owner, with benefits such as: More Revenue, More Time, More Control and More Peace of Mind of running a growing, thriving business. Imagine owning a business that supports your life vs. your life supporting your business. How about being a small business owner that experiences driving your business vs,. your business driving your life? Lastly would it not be freeing, rewarding and challenging to work ON your business vs. IN your business?
All this is possible, There is no magic training, book to read (although Gerber’s book: The E-Myth Revisited is a very good one) or seminar to attend that will waive the magic wand and have this happen. It takes dedicated, focused effort of you the owner while you are operating your Business.
If you are interested in learning more: Do Not Contact Me! First contact my present and previous clients (see references on my website) and ask them how implementing their MPPT worked for them.
Until then full success in your Business!
By Mark R. Steinke
Elite Business Coach