Running a business is a tough adventure. I ran a part time business for 8 years and still had a lot of stress. There are many different topics to discuss in running a small business but overall the psyche of a small business owner is crucial in weathering storms or making sound business decisions for growth.
The State of Indiana recently held a conference for small business owners in Northwest Indiana. I found this quote on failure rates of small businesses from Terrie Daniel, deputy commissioner of the Indiana Department of Administration:
Daniel said about 80 percent of small businesses fail in the first five years. She said it’s crucial for the owners to build a solid foundation, have a business plan in place and update it annually and not try to grow too fast too soon to help prevent failure.