Hesitating about what's right and what's wrong... well these myths and reality rebuttals are sure to ease your worries a bit. Courtesy of Entrepreneur magazine.
Myths: 9 out of 10 small business fail in their first year.
Reality: Two thirds of new-employer establishments survive at least two years, 44 percent survive at least four years, and 31 percent survive at least seven years. (SBA)
Myth: Most small businesses offer their employees some ind of health insurance plan.
Reality: 56 percent of small business do not offer health insurance plans of any kind. (SurePayroll)
Myth: Before opening your business, you need to find the perfect location.
Reality: 52 percent of small businesses are home-based. (SBA)
Myth: An original idea is the key to success.
Reality: Franchising is a $2.3 trillion industry generating 21 million jobs in the U.S. (IFA)
(I would recommend franchising black owned companies and those are few and far between, therefore original ideas are a definitely a plus in my book.)
Myth: Going global is too hard for a small business.
Reality: Small businesses account for 97 percent of the country's identified exporters. (SBA)
Reality: Two thirds of new-employer establishments survive at least two years, 44 percent survive at least four years, and 31 percent survive at least seven years. (SBA)
Myth: Most small businesses offer their employees some ind of health insurance plan.
Reality: 56 percent of small business do not offer health insurance plans of any kind. (SurePayroll)
Myth: Before opening your business, you need to find the perfect location.
Reality: 52 percent of small businesses are home-based. (SBA)
Myth: An original idea is the key to success.
Reality: Franchising is a $2.3 trillion industry generating 21 million jobs in the U.S. (IFA)
(I would recommend franchising black owned companies and those are few and far between, therefore original ideas are a definitely a plus in my book.)
Myth: Going global is too hard for a small business.
Reality: Small businesses account for 97 percent of the country's identified exporters. (SBA)