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If you’re tired of the hassles at work and think you want to be your own boss, investigate before you incorporate.
According to the director of Virginia Commonwealth University’s new small business development program, Dr. George W. Rimler, most people don’t know what they are getting into when they open their own business. Consequently, the failure rate of small business is outrageously high, Rimler pointed out.
“Small business is the backbone of the American enterprise system,’’ Rimler noted. “Contrary to what most people think, small businesses, not big corporations, account for 95 per cent of all business units in the United States, 37 per cent of the gross national product and employ 42 per cent of the work force.”
“While small business plays a major role in the American economy, it is also subject to a high rate of failure. Within five years, 80 to 90 per cent of new businesses are gone. Some are absorbed or merged. But generally speaking, most of them fail,” Rimler added.
According to Rimler, the high failure is due largely to poor business management such as failure to keep business records, lack of experience, insufficient stock,
87.2%