Small Business Administration Research - 1326 Words

According to Small Business Administration research, only half of new businesses survive for the first five years and only a third of new businesses are able to survive for 10 years. The inverse is compelling as we can conclude that if only 50% of new businesses survive for the first five years, then the other 50% fail in the first five years. We can also conclude that about 65% of new businesses don’t make it to the ten-year mark. Forbes reports an even more grim statistic, based on Bloomberg research, that of every 10 businesses, eight fail within the first 18 months. What are the reasons businesses fail to thrive, given a 50/50 chance of survival and assuming a product or service for which there’s a demand? Let’s discuss six reasons businesses fail and some ways you can avoid business failure. Six Reasons Businesses Fail 1. Leadership Failure. Your business can fail if you exhibit poor management skills, which can be evident in many forms. You will struggle as a leader if you don’t have enough experience making management decisions, supervising a staff, or the vision to lead your organization. Perhaps your leadership team is not in agreement on how the business should be run. You and your leaders may be arguing with each other publicly or contradicting each other’s instructions to the staff. When problems requiring strong leadership occur, you may be reluctant to take charge and resolve the issues while your business continues to slip toward failure. How toShow MoreRelatedRole Of Contracting Officer And The Small Business Association1417 Words   |  6 PagesThe purpose of this paper is to provide an overview of the small business set-aside program and its intent. We will look at the role the contracting officer and the Small Business Association (SBA) play in the making the determination to set-aside acquisitions specifically for small business set-asides and the factors they consider when making those decisions/determinations. There are certain criteria that must be met and we will discuss those criteria in relation to the type of set-aside and theRead MoreMau Lo Business Expansion1569 Words   |  7 Pages Mau Loa – Business Expansion Funding opportunities should be explored and increased for small businesses and entrepreneurs doing business in Atlanta, GA (Fulton County). Georgia State Legislators should use their influence to broaden funding opportunities in the City of Atlanta similar to the funding opportunities enjoyed by start-ups in Silicon Valley (Southern San Francisco Bay area). More specifically, State politicians should consider using their influence to assist young entrepreneurs (underRead MoreWk #4 Research Strategy1135 Words   |  5 PagesResearch Strategy Jo Ann Thiede University of Phoenix Foundations for General Education and Professional Success – GEN/200 Kelly Sanderson March 2, 2009 Research Strategy The biggest problem which has been encountered with the planning of a start-up business is the financial requirements. Research has determined it will likely result in attempting to obtain a grant or a small business loan. While a number of the websites visited promise an immediate guarantee of a grant, how canRead MoreEssay Financing a Small Business1539 Words   |  7 Pagesyears, economist viewed entrepreneurship as a small part of our economy. Whether they are students (typically college or high school) recent college graduates, unemployed, or newly retired from one career, today entrepreneurs have a central role in the economy. 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WhoRead MoreBusiness Administration Essay1690 Words   |  7 PagesAchieve Towards A Business Administration Major Every person has the power to achieve short term and long term goals. Without some type of roadmap, people may get lost or never reach their destination. Gathering Information and building a plan is key before starting a college major. College is to be admired and fun, but also challenging so that students may be better prepared for their future, both career and in life. First year students need every beneficial information possible before startingRead MoreEssay about FIN/571 Business Structure Advice833 Words   |  4 Pagesï » ¿ Business Structure Advice FIN/571 December 12, 2013 Business Structure Advice From: Beverly Mahone Sent: December 2, 2012 To: John Owner CC: Subject: Advice in starting your business John, when starting a business one has several options in the type of business structure to use. The different types of business structures are the sole proprietorship structure, the partnership structure, the corporation structure, the S corporation structure, and the limited liabilityRead MoreWhat is Lifted Imagery?1631 Words   |  7 Pages Lifted Imagery is UAV-based aerial media provider targeting the needs of the real estate marketplace. Starting the business will require capital to purchase the UAV itself and further accessories such as batteries and other equipment. There will also be expenses for a camera and then future upgrades as the technology changes rapidly. There will also be further business operation expenses, but the initial capital required is for the development of the UAV itself. There are various methods that LiftedRead MoreIntelligence into Success1435 Words   |  6 Pagesoften fathom about starting their own small business. Becoming a successful entrepren eur has been part of the American dream since the early 1800‘s. In addition to giving a person the ability to make his or her own decisions, business ownership opens the gateway to financial independence, creative freedom, and more time to spend with family (Smallbusiness.com). Nevertheless, how hard would it be to start a small business and be victorious? â€Å"Starting a business involves planning, making key financialRead MoreAccounting Analysis On Management Accounting Essay1210 Words   |  5 Pagesmanagement accounting.† (Busco, Cristiano, 2015) Aim of Management Accounting: The fundamental aim of Management Accounting it to help the administration in transferring exhaust the responsibilities effectively. The gathering of arrangements and spending plans conceal all parts of the company. (Gerard, Joseph A, 2015) Such as, creation, offering, appropriation research and economic. The efficient portion of duties regarding the execution of arrangements and spending plans. The association for giving open