Remember “Animal House”? “Roadtrip!” When we’re young, it’s exciting to be spontaneous and fly by the seat of our pants — just hit the road with no reservations and see what happens. It’s exhilarating…for a while.
What amazes me is when people, especially business owners follow this approach. Hey, I was one of those business owner!. I didn’t have a plan in writing for the first five years I was in business, and in retrospect that was a big contributor to my business almost going under. According to the U.S. Bureau of Labor Statistics, about 20 percent of small businesses fail within their first year. By the end of their fifth year, roughly 50 percent of small businesses fail. After 10 years, the survival rate drops to approximately 35 percent. Want to be one of them?
