4.8 • 2.1K Ratings
🗓️ 10 October 2023
⏱️ 10 minutes
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After 10 years, almost 90% of small businesses are gone...
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0:00.0 | if you actually just look at the statistics of starting a business. It's not good. It's not pretty. |
0:05.0 | Four out of five fell within a few years. I think Brandon Dawson was in here and he was telling me |
0:12.0 | after 10 years, literally 90% are gone. And you know, when you hear those odds, you're like, man, |
0:18.4 | I don't know if I want to start a small business. But what I will say is as an entrepreneur, |
0:23.9 | most entrepreneurs, you know, it's not like they're just stopping being an entrepreneur. They're |
0:28.6 | just doing different things. Like, you know what? I did this. For example, I take a look at my real |
0:32.8 | state brokerage. I had it for, I want to say like four or five years. It's no longer around. |
0:37.6 | And it's not that it failed. It still made money. It was just like, do you prioritize? |
0:41.3 | Yeah, I no longer need to do this. I'm doing these. And so I see why so many fail. |
0:46.4 | Yeah. And I think the statistics can be inflated too by those who pivot or shut down a business to |
0:51.6 | go start something else. Which is that they've learned their lessons from one and they apply them to |
0:55.3 | the next thing. And that it hits a reset button. So the statistics are interesting. But I do think |
0:59.7 | that there is a sort of pervasive problem with new entrepreneurs, new business owners with |
1:04.3 | managing their cash flow and really getting into I feel like they're learning the skills of |
1:08.6 | entrepreneurship in the first couple of years. So yes, some are going to fail because some can't |
1:12.4 | keep up with that learning curve. Yeah, like it legitimately fails. They got to go back to a job. |
1:16.2 | Right. Right. So what did you learn working at when he's big for firm? And what is a big |
1:21.6 | four firm for those who don't know? So big four are the four biggest accounting firms. They |
1:25.4 | used to be the big eight. They've driven them down to big four as they merge and acquire each other. |
1:29.6 | Uh, so you've got price, one of our scoopers Ernst and yelling to Lloyd and KPMG. And you may have |
1:34.7 | heard these in the news before. Unfortunately, usually something goes south. One of them gets blamed |
1:39.4 | for it. Yeah. Yeah. By the way, speaking of things like going south, I've realized that over the |
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