Five-part Series for Entrepreneurs and New Business Owners
 
By Adam Mauldin, Intern with MyTown Monthly magazine
 
Approximately 60% of businesses started will survive their first two years. Shocked? And, these were the statistics measured in 1998 – 2002. Take our country’s economic status over the past couple of years, which some report as being the largest economic decline since the Great Depression, and I suspect the two-year business survival statistic, if measured from 2007 – 2009, is closer to 40%.
 
I can’t help but think of my father’s hometown in Oklahoma that is drying up, with crumbling facades and sepia-toned photographs telling the stories of what used to be. I start to wonder – why is it that so many small businesses fail? Is there a common reason? Surely, business survival rates are the result of more than whether an entrepreneur’s business idea is good or not! In fact, I think whether a business survives or not is due to a lot more than an idea! I argue that survival is the result of proper self-assessment, research, industry knowledge, management, and marketing/networking. An entrepreneur can have an idea – that’s the easy part! Sustainability is the hard part!
 
With that said, we have devised a five-part series, with each article to be published on a bi-monthly basis, focusing on business topics we believe are important for small business owners to keep in mind. Each article in this series will be supplemented with references to more in-depth material for those seeking additional information. While this series is geared to an audience interested in starting a business, the information provided is applicable to current and seasoned business owners. The subjects covered in the series will include the following:
 
1.  Self-assessment: Do you have the personality and hardiness necessary to own and operate a business?
 
2.  Ideas and Market Research: Have you determined the feasibility of your idea, and do you know your market?
 
3.  Mission to Market: Do you have a well thought-out plan that includes your mission and values? Do you have the end in mind?
 
4.  Management: Have you set a budget? How are you going to manage your costs?
 
5.  Marketing and Networking: How is your market going to find out about your business? What is your plan for building lasting relationships and business partners?
 
As we approach a new year, with renewed opportunities, it’s our goal at MyTown Monthly magazine that this series will serve as a stepping stone to get your idea off the ground, and positioned for success!
 
“Chance is always powerful. Let your hook be always cast; in the pool where you least expect it, there will be fish.” – Ovid