Most of our communities, especially large metropolitan areas, have hundreds of seasoned business executives. It is also true that the heart of our economy is the small business owner. EntreDot calls them “Main Street” businesses. If you look at the statistics concerning annual business failure you will find that almost as many businesses fail each year as are started. Why?
The Cause of Business Failure
Of course the reason businesses fail is because they run out of money to operate. What led up to that final event is:
- Lack of understanding of the market segment being pursued
- Not clearly understanding who the buyer is and how to reach them
- Flawed marketing and sales programs
- Mismanagement of customer relationships
- Insufficient financing
- Mismanagement of cash flow
- Poor management decisions on business operations
Business Mentors Can Solve This
If more experienced business professionals would devote a little bit of their time to mentoring emerging businesses run by inexperienced entrepreneurs, the business failure rate would considerably decline.
Imagine simply taking five hours a month to help an entrepreneur. Just by being their frequent advisor would quickly identify the potential causes of failure and keep the entrepreneur on track to success. Fewer businesses would fail as a result.
This is happening throughout America. More and more organizations are getting involved in providing business advisory services. Locally, Entredot is one of these organizations that provides impartial business mentoring to Main Street businesses.
As one of the business leaders in your community, take the opportunity to contribute to the success of others. You will feel great about it and you will be helping America’s business.