A US company has revealed that the economic climate and the current, incredibly high failure rate for SMEs and startups, is not putting entrepreneurs off when it comes to founding their own companies and setting up on their own. 86% of those interviewed by Deluxe Corp, a small business marketing firm, said that they felt they could do anything they set their mind to, with 77% saying that they would rather learn from failure than never try.
These figures, if translated across the pond, demonstrate a real optimism in the market, which has been very tough for the past few years. There are a number of reasons why these entrepreneurs and would-be founders should feel optimistic about their chances of success, one of them being the easy access to business coaches and mentors that can help them to get off the ground and make something of their business.
According to the report, small business owners are very aware of everything they’re taking on when they set up a business on their own. They understand the requirements and the demands on their time and money, and they understand that success won’t simply fall into their laps. The signs are that they are also well-informed about the help and assistance that is on offer. Business founders no longer have to go it alone if they are thinking of starting their own company; mentoring and coaching is available to help them ease into the process and become the stellar manager they believe they can be.
Business mentoring is becoming a crucial service for small businesses that want to go further than twelve months before they fail. In a time when the market is so volatile and so saturated with competition, it is more important than ever for businesses to get a competitive edge and create a business growth strategy that works. This can be achieved by getting someone onside who has experience of coaching a fledgling business through its earliest stages, navigating through the tough times and leading them through a growth period.
Small businesses are growing in optimism and confidence for the years ahead, but it is important that they don’t get carried away and that they understand there is still plenty for them to learn about the business world and that’s where a business mentor comes in. The market may look brighter than it has for five years or so, but failure is still a very real prospect and those that don’t seek the right kind of assistance are putting themselves in line to join those resigned to the SME scrapheap.