There are about 400 to 500 Small and mid-size enterprises globally, which occupies:
→ 60% of formal and informal employment.
→ 40% of National Income.
→ 4 out of 5 new jobs is started by small business.
David emphasised how according to research on the business failure rate :
→ 22.5 % of businesses fail within the first year.
→ 50% of businesses fail within the first 5 years.
→ 70% to 90% of businesses fail within 20 years of starting.
Starting is Easy but Succeeding is difficult.
Of course, hard work and dedication are what you need, but it is not just hard work that makes every business successful. Because, as per studies:
→ The majority of small business owners work at least 50 hours a week.
→ 25% work more than 60 hours a week.
→ 70% has worked for at least one weekend on a regular basis.
But, still are struggling to grow their business, on a larger scale.
How to Overcome the Failure Rates?
You need to estimate the value of your business before starting.
Partnership with win, win situation for both.
You need to know the processes for scaling, so that at every point you can scale.
Coaches can benefit from coaches as well.
Outsource non-core, if something is not your forte let someone else do it for you.
Don’t sell your value on hourly base.
To know more on how David made such a huge profit and the right formula for Business coaching, here is the full video of the event for you to watch and get your takeaways.
Founder, Chief Dream Maker, Coach and Mentor at Eprenz PBC
Past Progress and Culture
David started multiple businesses, has had successful exits and has been part of the management team with a startup that raised over $15 million in angel, venture, and private equity funding. He has been CFO and Director of Operations at mid-sized organizations.
Present Pursuit and Mission
David is passionate about working with entrepreneurs and Founded a global community of over 90,000 entrepreneurs. He’s now on a mission to share the lessons he learned on his journey and make a meaningful difference in the success of over 100,000 entrepreneurs. He and his teams have helped business owners earn $10’s of millions of dollars in additional income.
Vision in Life
His passion for social wellness led him to found eprenz to help entrepreneurs around the world succeed in every step of their journey and connect them with the resources they seek.