If you have ever read The E-Myth by Author Michael Gerber [Amazon], one important takeaway you might recall from your reading was the reality that while people are inspired to start their own businesses for many different reasons, most entrepreneurs find themselves performing work and tasks that they aren’t necessarily good at or enjoy doing. This is but one factor that influences why so many businesses fail.
In fact, according to Dr. Lance Knaub, Author of The 4% Break-Thru [Amazon] upwards to 96% of small businesses fail within 10 years. The Bureau of Labor Statistics and Guidant Financial have found that about 20% of businesses fail within the first year, and 50% fail within the first five years.
The most common reason businesses fail is that there’s no market for their product or service (42%). Capital or cash flow to sustain the business (29%) comes in second, while poor teamwork and communication (23%) ranks third on the list.
There are many reasons why someone would want to start their own business. According to Guidant Financial, about 29% of entrepreneurs say they chose this path because they wanted to be their own boss. This is constantly the number one reason why entrepreneurs start their businesses. The second most popular reason entrepreneurs start their businesses (about 17%) is that they are dissatisfied with corporate America. And a third reason is to pursue their passions (16%).
Regardless of why you start a business, you can count on doing work you never imagined. And nowadays that very likely includes things such as blogging, podcasting, and live streaming. High tech, highly skilled work that for some can come naturally whereas for others can be akin to pulling teeth if not seemingly impossible.
Which is where we go in this month’s episode of B2B Hour. Our first guest is a small business lawyer and advisor who uses his podcast for networking and business development. Our second guest is a corporate sales manager who is branching out on his own and finding that digital marketing and the likes might not be his strong suit.
B2B Hour on AutoConversion
Aired Live in October 2021
12:05 – Interview w/ Mitchell Beinhaker
12:20 – Wellness Mindset Tip
12:30 – Panel Discussion
About the Guests
Mitchell Beinhaker, Small Business Advisor and Lawyer. As creator and host of The Accidental Entrepreneur podcast, Mitchell interviews successful business owners and professionals to help people achieve success in business on purpose and avoid failing by accident. His episodes can be found on all the major podcast networks and apps you are familiar with. Connect with Mitchell on LinkedIn.
Ron Sandell, Sales Performance Coach. As a Regional Sales Director for a medical device manufacturer based in Silicon Valley, USA, Ron has had great success launching game-changing technologies in high-growth, paradigm-shifting environments. He has a strong background of success in client acquisition and retention and is at the early stages of building his career as a sales and performance coach to help people find more balance in their life, perform at a high level, increase their earnings, and live their best life. Connect with Ron on LinkedIn.
About the Show
B2B Hour on AutoConversion is a live virtual networking event and idea exchange that is held about once a month, live on our YouTube channel. It serves two purposes: 1) Great content and information for our subscribers and 2) Public speaking and media opportunities for our Premium Members. The live webcast features special guest interviews, debates, and panel discussions, plus special segments such as Wellness Mindset and IoT Hacks.
You can sign up here to join our mailing list for the show and/or to learn how you can be a guest speaker or panelist.