Since 2007 small businesses have been failing at a record level. Small business owners feel more and more that the odds are stacked against them. Add to this the increased regulations that are making it harder and harder to start a business, and it is fair to ask: Is the American dream of business ownership dead?
I would say definitely not! In fact, the same bad economy that has caused millions of workers to be laid off is motivating many of these displaced workers to "create" their own jobs by starting a new business.
Whether these new businesses (and all current business owners) will survive will depend on their acceptance of the following new rules of business:
- You must commit to becoming a marketing expert.
- You must commit to marketing that has measurable results.
- You must become an expert in selling.
- You must become an expert in hiring and managing employees.
- You must become knowledgeable in money matters. You don't need to become an expert – but you must be involved. You can't just delegate this responsibility away and then forget about it.
- You must be an expert at product development.
- You must be an expert at delivering your product.
- And, most importantly, today's business owners must be lifetime learners.
The above list can be summarized as follows – The easy money days are over. Now profits are going to those business owners who are brave, smart, organized, and prepared!
So, until next time, thank you for your continued support and let’s make 2017 our most profitable year ever!