Given the slight chances of success, it’s a marvel anyone ever starts a business at all. One-third of new ventures close within two years, half within five years, and so on: only one in four is still around 15 years after opening day. But all that failure may offer its own reward, according to new research from a pair of economists from Stanford and the University of Michigan. They found that failed entrepreneurs are far more likely to be successful in their second go-around, provided they try again.The entrepreneurship studies that grab headlines tend to focus on investor-backed, technology start-ups. Those types of firms aren’t the norm. Most new businesses are still small, local retailers. To understand how these enterprises fare, Francine Lafontaine and Kathryn Shaw studied the successes and failures of retail entrepreneurs in Texas from 1990 to 2011. Over the 21-year-period, 2.4 million retail businesses opened and 2.2 million closed. Three out of every four were founded by first-time business owners.
Tag: business owners
Tackling Modern Customer Service Challenges | Businessnewsdaily.com
Customer service should be a top priority for any company. Customers keep your business going, and making them happy is the best way to ensure that they’ll continue to come back. In today’s world of social media and 24/7 connectivity, it’s easier than ever to keep the lines of communication open between you and your customers.
“We live in an age when everyone is constantly connected to each other via the digital universe across email, Twitter, chat, etc.,” said John Joseph, co-founder of data solutions provider DataGravity. “Technology gives [businesses] the ability to correspond with customers more efficiently, and companies — especially startups — need to take advantage of the tools they have to communicate with customers.
4 Ways Entrepreneurs Can Help Save the Economy | Allbusiness.com
Forget about the politicians in Washington and don’t count on Corporate America to get our struggling economy going — it’s America’s entrepreneurs that will prove to be the saviors. American entrepreneurs, through their creativity, innovation, and willingness to embrace risk, are the real engines that power our economy.
So often we look to the huge, multinational corporations as the drivers and guardians of our economy when the truth is the millions of small businesses across America deserve the credit. A strong, vibrant economy is the result of America’s entrepreneurs embracing the risk of self-reliance and venturing out to create their own opportunities. New small business startups create over three million new jobs each year. The solution to getting this country back on its feet and moving in a positive direction won’t happen because of the government. It requires the fruitful minds and determined drive of everyday citizens who enthusiastically embrace risk and begin the entrepreneurial journey.
Want to be part of the solution? Here are four ways that entrepreneurs can help revitalize our sagging economy:
When You Should Delegate, and When You Shouldn’t | Mashable.com
“Non-delegator” sounds so much nicer than “control freak” or “know-it-all,” but truth be told, that’s just semantics. Delegating can be scary — especially if you’ve been burned before and if you know exactly how you like things done — but I probably don’t have to tell you that it’s a crucial part of moving up the ladder.That said, that instinct to hold some projects close to the vest isn’t always a bad thing. Sometimes you really should keep a project on your own plate. The trick is knowing when you should pass a task along hint: the correct answers go way beyond when you’re too swamped to care how it’s done and to whom.So, take a deep breath, have faith that your colleagues and employees are capable of doing a great job, too, and use the guide below to discern if you’re keeping a project because it’s the sensible rather than territorial choice.
Should Your LLC Elect S Corporation Status? | Allbusiness.com
Many entrepreneurs choose to structure their businesses as the ever-so-popular LLC Limited Liability Company or S Corporation. Business owners may struggle with the choice between the structures, but many times but don’t realize that the two aren’t mutually exclusive. It’s possible to have your cake and eat it too by forming an LLC and then electing S corporation status.This is a particularly sound strategy if you have an LLC and the payroll taxes self-employment taxes on the owner/s are high. Here we’ll break down some of the key details on why you should consider an LLC with S corporation election, and how you go about doing it.
Five Signs You Need to Hire an Assistant | AllBusiness.com
Many small business owners and entrepreneurs pride themselves on being able to wear several different hats and juggle many different balls at the same time. But is this really something to brag about?
Identifying the Signs
As the leader of your organization, it may not be wise to spend your time micromanaging all the details that go into running your business. Your time could likely be better spent on big-picture strategy such as casting vision and direction for the company. Here are five signs that you need to hire an assistant so you can spend more time on tasks that add value to your business:
Entrepreneurs Make Use of Odd Spaces | WSJ.com
Business owners often find unique ways to repurpose buildings: They’ve transformed jails into hotels, roller rinks into retail shops and churches into restaurants. Many credit their establishments’ incongruent past in part for their success.
Dispatches From The Front 