How To Beat The Entrepreneurial Odds

Did you know that 50% of small businesses in the United States fail within the first five years? Yes, you heard that right, most businesses don’t succeed and I think I know a reason why that might be. I think most business owners aren’t prepared for the hard parts of business ownership. I think many accounting firms are prepared to find new streams of income when it isn’t tax season. Well-meaning accountants, who are probably very good at their jobs, are shuttering their businesses before they’ve even had a chance to succeed. 

There is a lot to say about this, but I think the most important lesson in all of it is that none of us are born knowing how to run a business. For most of us, the skill of business ownership is learned over time and through trying circumstances. Learning to be a business owner is like learning to be an accountant. You can’t expect to show up on day one and have it all down. You don’t even know what you don’t know.

So how do you develop the skills required to be one of the 50% of businesses that succeed in 2020? By my estimation, it comes down to a few different factors: learning, team, and community.

Learning is an ongoing process

The longer you’re in business the more opportunities you’ll have to learn. Often, the moments that feel like the biggest failures are also some of your biggest teachers. Take advantage of any opportunities that come your way to expand your knowledge in the field of business ownership. For some of you that will require stepping out of your comfort zone, for others of you it will take a new level of humility.

No woman is an island

Unless you’re a one-woman shop you’ll need to learn to depend upon your team to help propel you forward. As the owner of your accounting firm, you’ll need to determine which responsibilities depend on you to fulfill and which can be delegated. You are only as successful as the team around you.

You’ve got to have friends

The quality of your relationships is critical at this juncture in your life and in your career. If you’re surrounding yourself with people whose behavior or demeanor is not in line with the type of person or business owner that you want to become, it may be time to reevaluate those relationships. Surround yourself with creative, entrepreneurial, and disciplined people who can inspire you and motivate you to grow.

Nothing I’ve shared here is groundbreaking. I think you probably knew the things instinctively, but I want you to know how important they are to your future success. If you’re dreaming of opening your own accounting firm and are looking for the support and motivation you need to take the first step, give me a call. I’d love to encourage you on this exciting venture.