Why Do So Many Small Businesses Fail?
A common complaint from local entrepreneurs is that it is extremely difficult to operate a business in Jamaica. However, business challenges are not limited to this country, as international statistics indicate that anywhere from one-third to one-half of new enterprises will fold within the first five years of operation.
While owning a business can be a route to achieve personal financial security, it is a reality that many people will experience a negative result from their entrepreneurial attempts.
There are many reasons why business success may be elusive, but I think they can be grouped into three categories – inadequate knowledge, insufficient capital and inappropriate opportunity.
I did some research to find out why so many business struggle and eventually die, often leaving their owners to suffer financial and emotional misery. One book that helped me to understand the root of this problem was The E-Myth Revisited by Michael E Gerber.
Click HERE to read the full account of what I discovered.