Page 8 - Vallejo_Chamber_of_Commerce_Magazine_Fall_2018

COOPER’S CORNER

By James Cooper year, and half of all small businesses will close by pricing is competitive, and the marketing is appealing.
President/CEO, Vallejo year five. There are many reasons this happens— Businesses must also develop a network of contacts to
Chamber of Commerce about 25 percent fail because they don’t have help them access the many resources they will need.
the right staff; more than 40 percent fail because
“SMALL BUSINESSES – there is no market for their product or service, Most importantly, the organization must be consistent
and most experience cash flow problems.* with its efforts. Success over time means creating
THE LIFEBLOOD OF The odds are not great that you will succeed. good habits that are repeated. These habits become

AMERICA” But all is not lost! Studies by the Small Business part of an organization’s culture and identity. This is
what attracts loyal customers and strong employees.
Administration have found that a negative economy
“We are what we repeatedly has little effect on a small business surviving, Starting a small business is the dream of many. Don’t
do. Excellence, then, is not an regardless of your industry. As the biggest rate of let your dream end before it starts! Test the waters
act but a habit.” Aristotle closure is after year 1, the longer your business is before starting your small business by creating a
open, the more likely it will survive. In fact, the
demo version of your idea. Find people to work with
Small businesses are the lifeblood of American rate drops to 10% in year 6 and 6% in year 10. you who share your passion. Do some research on
enterprise. Businesses with less than 100 employees Education helps—over 90% of all entrepreneurs have your industry niche and determine who wants your
account for more than 99 percent of all businesses college degrees. Failure helps, too. Studies show those product/service. And build
in the United States. Tens of thousands of these who have tried and failed at starting a small business your network by joining your
organizations are started each year, from mom- are more likely to succeed in subsequent efforts than local Chamber of Commerce!
and-pop shops to new tech to food variants (trucks, first-timers. Failure teaches you what not to do.
pop-ups, caterers, etc.). All across the country, people * Leadem, R. “5 Reasons
are realizing their dream of working for themselves. There are many keys to surviving, and eventually Why Businesses Fail” (2017).
thriving, from not scaling too fast to having more Information accessed online
Unfortunately, success is not a given. Statistics than one person fully invested in the company’s at www.entrepreneur.
show that one in five close by the end of their first future. One must ensure their product is relevant, the com/article/296491

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