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Starting a new business for anyone can be a daunting task. The risk is great but the reward so much greater. According to statistics published by the US-based Small Business Administration (SBA), seven out of ten new employer establishments survive at least two years and 51 percent survive at least five years. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years.
Many a report on business failures cites poor management as the number one reason for failure. New business owners frequently lack the relevant business and management expertise in certain critical areas. Unless they recognize what they don’t do well, and seek help, business owners may soon face disaster.
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