Small businesses defined as companies with 5 to 100 employees with revenue range of $500K to $15m per year. Small businesses and Entrepreneurs are the backbone of the Canadian economy. According to the industry Canada, there are approximately 1.2m small businesses in Canada. 115,000 small businesses start up per year. About 78% of the businesses and entrepreneurs survive one full year, 65% for two years and only 28% five years and over. Small businesses contribute slightly more than 30 per cent to Canada’s Gross Domestic Products (GDP). More entrepreneurs would join the self-employment workforce that is currently 2.7m. Are you supervised; you shouldn’t be as you examine the characteristics of entrepreneurs.
Entrepreneurs are very hard workers; the typical entrepreneur works a minimum of 50 hours a week and this routine could easily last 30 years. They are not afraid of taking risks and don’t stop in pledging their homes or other worldly possessions as collateral for business finances to survive, develop their business ideas, grow and to succeed in commercialising their ideas. Entrepreneurs are fast decision makers. They prefer to make a quick decision and knowing that there is a chance of being wrong. More characteristics and attributes can be discussed in length but here is a quick summary of the entrepreneur’s characteristics. They are Innovative, risk-takers, hard workers, and success in the marketplace drives them everyday.
You might ask why then over 70% of the businesses won’t survive long term. I have visited over 100 businesses during the past decade. An analysis of the reasons for business failures suggests that over 60% of all the business failures are due to poor management practices. Too many entrepreneurs think that extra cash will solve almost every problem and keep the business afloat. I say, money is necessary in day-to-day business operations but Good management – not money – is the key to a business flourishing or dying.
There are two very good ways for small business owners to learn management skills. One is to find out what the “high-fliers” in your industry do, and to do the same! Perhaps then you will become a “high-flier” too! Another is to study the mistakes of others.
“High-fliers” have recognised the need for business management training. Why don’t you do yourself a favour and partner with
Pick up the phone now and contact James Shooshtarian for one-hour free consultation.