For the past several days, I have been attending an Anthony Robbins Leadership seminar. As a small business owner, I use these types of events to 'recharge' my battery and gain helpful insights to continue growing and finding ways to be of even more service to our merchants and referral partners.
Yesterday, I heard some powerful statistics that might interest you from a business stand point or from the stand point of a financial partner who provides services to businesses:
Business Survival Rates 2006
50% of businesses fail before their 1 year anniversary
80% of those businesses fail before reaching the 5 year mark
96% of those businesses will never see their 10 year anniversary
In other words 4 out of 100 business start ups 'make it'- this is not to say that those 4 businesses are
making a huge profit!
Those statistics took a dramatic turn in 2009
Long standing, multi-billion dollar corporations have found their final resting place in the graveyard of business ownership and our business landscape has forever been altered. So how do the statistics look today?
90% of businesses will fail before their 1 year anniversary
90% of those businesses will not reach the 5 year mark
98% of those businesses will fail before their 10th anniversary
In other words, just 2 out of 100 businesses will actually make it in today's world.
At first we might be tempted to look and the numbers and wince with pain! After all, the chances of succeeding are fairly small! But a second look, and a few more statistics, might offer another more impactful and empowering view point!
There are almost 21.5 MILLION Small Businesses in the United States
They account for 39% of the GNP (Gross National Product)
Small businesses employ 54.4 Million people or 57.3% of the private workforce
People who make the decision to set out on their own and start their own business are like warriors. They know the odds and they understand the risk however they do it anyway! This makes them heroes in my book. Having the honor of serving their electronic payment needs is something that we will never take for granted for they truly are the few, the brave and YES- the lucky! (We define luck as: preparation & opportunity colliding)
The next time you meet a small business owner or frequent their establishment, take the time to thank them for the difference they make in our economy and for the effort and sacrifices they make to do what so many fail to do in today's business climate! We are TRULY surrounded by greatness.