The failure rate for
new and young small businesses is unnecessarily high. Without a healthy emerging
business community, America cannot thrive. A recent
report from the Small Business Administration (SBA) reveals the failure versus
success rate of new small business establishments within the United
States.
-
33% fail within the first two
years
-
56% fail within the first four
years
-
70% fail within the first ten
years
There is a growing
need for education, guidance and support. Specifically, new entrepreneurs
reported a lack of business expertise in areas such as finance, hiring well,
managing employees, and strategic thinking. The Making It! Institute is here to provide
education and guidance to emerging and existing small business owners. By
offering programs, events, and support, our goal is to increase the success rate
of small businesses, supplying them with the tools to grow and prosper in
today’s economic climate. From our 20 year history of working with small
business owners, we strongly feel that there is also a need for help with their
soft skills. Leadership, sales, managing rapid change, developing a personal
support structure and flexible goal setting are necessary to help these
businesses survive and grow.
In the US Census
Bureaus’ most recent Survey of Business Owners (2007), the findings list only
15% of minorities owning businesses, whereas this demographic accounts for over
33% of our US
population. Veterans ownership is at 12%. The
Making It! Institute aims to help reduce our country’s serious
business ownership divide by targeting its programs, events and outreach toward
minorities, women and underserved communities.
Additionally, there
is now a growing need to earn money over a longer lifespan, so baby boomers and
others over age 50 are increasingly starting businesses. A recent AARP study on
self employment by the RAND Corporation found that about one in
three self-employed workers age 51 to 60 made the transition to self-employment
at or after age 50. The Kaufmann Foundation which studies entrepreneurial
activity in the U.S.
says that Americans in the 55-64 age groups start small businesses at a rate
that is greater than all other age groups. The Making It! Institute is developing
programs inclusive of this growing demographic.
