The first thing I want to talk about is the upcoming Small Business Week. It’s going to be May 1st through May 7th. Why Small Business Week is such an important time to celebrate is because the world’s economic backbone is small business.

There are some myths about small business, so I want to talk about that for a few minutes. First of all we have 28 million small businesses in the United States alone. They represent about 55 percent of all of the jobs that are out in our country and about 66 percent of all of the revenue that gets generated in our country.

You probably have heard some statistics like one in four businesses will make it after the fifth year. Those stats are actually not that accurate. Sometimes you hear 80 percent of small businesses will fail in the first five years. What we have found is that with the advent of information, with the advent of a focus on small business that it’s actually two thirds of businesses will last past the first five years and that 15 to 17 percent of them close voluntarily whether they said “mama died of exhaustion and doesn’t want to do it anymore” or they sold.

So we’re doing much, much better than we used to. And yet, people still think that it’s easy. You know many times they’ll say to me as a small business owner myself that “Oh, that means you get to do whatever you want. You go on vacation whenever you want to.” No, it’s not like that. What being the owner of a small business actually means is the buck stops here.

So, as we go into the National Small Business recognition week, what I recognize and acknowledge is the courage it takes to be willing to have the buck stop here. It takes enormous amounts of courage and wherewithal to be that kind of a person.

Brian Tracy said once “about every two months, or so, something will come up, whether it’s internal or external, that can wipe your business out.” Unless you’re somebody who can ride through that, then it’s probably not for you. And it’s not for everyone. However those who do take it on find enormous amounts of reward for being somebody who can make the difference in the life of someone that joins their team, to be able to build something and build something lasting, To be able to develop themselves and their character and that’s a pretty great thing.

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About the author,

With 14 years of experience in working with small and medium sized businesses to help them grow, Doug is committed to seeing business owners thrive. Business coaching is what drives Doug.

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