Based on official US government statistics (Small Business Administration and Bureau of Labor Statistics) the failure rate of small businesses over the last few decades have been around 70%. Most small businesses fail before they have been in business for 10 years. The actual numbers are 20% in year 1, 34% by end of year 3, 50% by end of year 5, and 70% by end of year 10.
Unfortunately, in many circles this has been accepted as the norm, and ‘that’s just the way it is.’ Steve Olds, CEO of Patriot Mission and founder of the USA Leadership Network disagrees with the status quo –
“Leaders do not settle for failure and accept established norms, especially when the personal, family and financial cost is so high. New ventures do not have to fail as a matter of course.
We believe that bringing experienced leaders with diverse backgrounds, working together in every state, can radically reduce the failure rate of new and existing small businesses in America.”
The reasons for small business failure are many and varied. They range from lack of skills or business knowledge, market, product, leadership, management, financial issues and under capitalization. Business experts do, however, agree that with the right preparation and support, the incidence of small business failures can be reduced.
Robert T. Kyosaki, (Investor, Entrepreneur, Author) said the following – “Most small businesses failed because the owner was under skilled, not under-capitalized.”
Mark Cuban (Shark Tank expert, investor and sports franchise owner) said the following –
“What does it take to be a successful entrepreneur? It takes willingness to learn, to be able to focus, to absorb information, and to always realize that business is a 24/7 job where someone is always out there to kick your ass.”
Dave Ramsey, author, business man, advisor to millions had the following advice –
“Most small businesses also doom themselves from the very beginning because they start out with debt. It robs them of the ability to cash flow and magnifies the business owner’s mistakes. As an entrepreneur, you’re going to make mistakes; if you make mistakes on top of huge small business loans, you’re setting yourself up to fail.”
The American Dream for entrepreneurs has been to start and own your own successful business. Starting a new business in the USA has been relatively easy but surviving and thriving remains a daunting challenge.
Unless small business owners understand the fundamentals of personal and professional leadership, the venture is likely to fail. Support and mentorship from top leaders who share their experience and stories can help inspire and guide a new entrepreneur. Small business can be a fast moving game so the owner must have a trusted source of leadership wisdom that grows with their company.
Patriot Mission CEO, Olds says that between now and 2020, the USA Leadership Network will be recruiting leaders to expand their mutual support at national, state and local levels. This network will incorporate a broad spectrum of experience to inspire, support and promote a new generation of entrepreneurs.
By coming alongside new small business owners, while implementing a proprietary acceleration strategy and mentoring model, he believes PATRIOT MISSION will significantly increase long-term success rates for new entrepreneurial ventures.
Another unique aspect of this USA Leadership Network is that during the formation stage, there is no membership fee for leaders who join the network. Instead of a membership fee, these leaders commit to participate in PATRIOT MISSION’s Small Business HONORS program that is supporting Vietnam Veterans through the www.Vietnam50Project.com.
Olds said –
“We are building a national leadership team who understands how important it is to HONOR the men and women who protect America’s free enterprise system. Without them, we have nothing.
We are proud patriots, honoring the sacrifice of American heroes who secure our freedom to own a business and we want to set an example for new entrepreneurs to follow.”
Olds closed the interview with the following challenge –
“If you are a successful leader willing to share your story, expertise and resources with BOLD, new entrepreneurs, you can MAKE AN IMPACT. If you like the idea of helping and inspiring young citizens to become to become tough-minded, ethical entrepreneurs who value America, then we need to talk.”
To get more information, please go to – www.PatriotMission.com.