Small business failure rates suck. In any other system a 50% failure rate in the first year would be seen as a reason to recall each car that came out of that factory. Or to fire the teachers. Or to ban the pastime.
I am vexed because we do not see beyond the numbers. This cascade leads to divorces and bankruptcy. Worse, we punish these fallen heroes even though starting up was their only option when they could find no work.
These failure rates are taken for granted by the powers that be. It has been so for the thirty years I have been in this arena. My own closure in 1992 is how I came to know each person I now work with.
Today we have so much more than we ever had. Instant access to any info. Tech that lets us reach across the globe.We can start up almost for free. We should not be failing nearly as often.
I intend to stop it. I think that I can get that failure rate down to 10% with common sense training and peer support. For free. Through the web via mobiles, tablets, and PCs. Before they start. We no longer have excuses.
I don’t know if I am the right person but I will run with it until we get enough traction. I have another million business minutes left and this seems a worthwhile place to invest them.
My target: Train 1,000,000 people to build startups that sail past that first year threshold. Get that closure rate down to 10%, with a parachute that lets people down gently without losing their marriage, their home, their car,…
As we remove risks from starting up we also reduce the risk of it closing early. We make it more robust.
I have grown old waiting for government to help. Their startup advice is akin to me hurling my infant daughter into the deep end with a book on how to swim.
I will devote most of my remaining 1 million business minutes (about 10 years) to nurturing business seedlings.
Tiny problem. I don’t know 1 million people. But I know you. And you know a few people… I can see you get the point so I won’t belabour it. I am asking you for your help, please.
You know some people who want to start up. Maybe they’re fresh out of school, or fresh out of a job, or fresh into motherhood, or have just closed a business. These people need start-up street-smarts fast.
Please do me the courtesy of checking out the free course for start-ups at the new Academy of Small Business. Then ask people to join the free course. Maybe forward this email to them?
I won’t let you down.