The fact is most businesses fail. Sorry to say, the odds are not in favor of the typical new business owner. Want-to-be entrepreneurs decide to open a business because they usually are good at doing a particular saleable task, i.e., installing floors, selling floors, etc. They are usually good at doing the type of business they open, but oftentimes they are not so good at running it. Ironically, entrepreneurs who know nothing about the business they open, opting instead to buy established franchises, succeed at a significantly higher rate (90% are still in business after 10 years, according to the Atlanta Journal-Constitution) than those who know how to do the saleable task well. How come?
Research shows that the number one cause of failure in life or in sales is poor use of time. My first thought is that some must work harder than others. After all, some people are lazy, resting before they even get tired. Yet when comparing two people working equally as hard, we will find that one may produce significantly more results than the other in the same amount of time. Or we find two students with the same IQ, studying the same amount of time, earning significantly different grades. How come?