Do you know about the sandbox you’re playing in? In other words, if you’re an entrepreneur or small business owner then it would probably help you to know some data about being a small business owner in the United States. From the outside looking in it will sound and appear very difficult. However, let’s also shed some light on what makes small business owners successful.
According to Michael Gerber who authored the highly popular book, The E-Myth, 80% of small businesses will fail within the first 5 years. That might not sound so great but we’re not done yet. He goes on to further explain that of the remaining 20%, another 80% of those small businesses will be out of business by year #10.
Additionally, according to Clate Mask who founded the highly successful Infusionsoft, 83% of the 28 million small business owners in the United States are solopreneurs. What is a solopreneur? It is someone who owns a business and does less than $100,000 in annual sales or revenue.
So before you get too discouraged, let me ask you which of these business owners is more likely to succeed
So we learned how tough it is to succeed as a small business owner but which of these two owners is more likely to succeed? If you answered #2 then some of the answers for how you should spend your time and what some of your objectives should be are there. Learn more about the ones you don’t understand. Develop the areas that need to be developed. Learn about resources like Hubspot, Duct Tape Marketing, Copyblogger, Inc Magazine, Small Business Trends, and start reading great books about leadership and being a successful business. I recommend Good to Great, The E-Myth, and Traction.
Ask yourself where you want your business to be in 3-5 years. Then what can you do in the next 12 months to be on track for those 3-5 year visions you have? Then, when you know what needs to be done in the next 12 months, you break it up and create 90 day goals or objectives. That’s where you focus your time and effort for the next 3 months.