Blackwood, NJ (PRWEB) February 18, 2014
According to Michael Gerber who authored the highly popular book, The E-Myth, 80% of small businesses will fail within the first 5 years. He continues to explain that of the remaining 20%, another 80% of those small businesses will be out of business by year #10. Furthermore, Clate Mask who founded the highly successful Infusionsoft, 83% of the 28 million small business owners in the United States are solopreneurs. A solopreneur is defined as, a small business owner who owns a business and does less than $100,000 in annual sales or revenue.
Therefore, between these two different types of business owners which one is more likely to succeed as a small business owner?
Small business owner #1:
1. Has no website or blog
2. has little to no access to capital
3. Has little to no social media engagement
Small business owner #2:
1. Has a well designed website and blog with quality content
2. Has access to working capital and obtains additional before the capital is required
3. Actively engaged on Facebook, Twitter, and LinkedIn
The answer is small business owner #2. The second business owner has actively engaged in best practices to prevent becoming one of the 80% of small businesses that will fail. To read the findings and to learn the best practices of a successful small business owner click here.
All small business owners should ask these simple questions. Where should the business be in 3-5 years? What can the owner of the business do in the next 12 months to be on track for those 3-5 year visions? Finally, what needs to be done in the next 12 months as a small business owner?
The INC500 company Hawkeye Management connects entrepreneurs and small business owners with up to $50,000-$150,000 or more in freely spendable business credit lines. Hawkeye Management understands the mechanics and realities of small business credit better than anyone. Hawkeye Management knows what works, what doesn’t work, and how small businesses can get the credit it needs as quickly as possible.