Five more entrepreneurial realities that you can take

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Unformatted text preview: trepreneurial Realities (that you can take advantage of, or avoid!) you Most entrepreneurs head right for the worst industries for start-ups; The industry you choose to start your company has a huge effect on the The odds that it will grow; odds The typical profit of an owner-managed business is $39,000 per year. Only The the top ten percent of entrepreneurs earn more money than employees. And the typical entrepreneur earns less money than he otherwise would have earned working for someone else. earned Of the 590,000 or so new businesses with at least one employee founded in Of this country every year, data from the U.S. Census shows that less than 200 reach the $100 million in sales in six years that venture capitalists talk about looking for. looking most people who begin the process of starting a company fail to get one up most and running. Seven years after beginning the process of starting a business, only one-third of people have a new company with positive cash flow greater than the salary and expenses of the owner for more than three consecutive months. Advise for potential entrepreneurs Advise Take-aways Take-aways If you have an appropriate combination of personality If and experience, becoming an entrepreneur is your best option to increase your wealth; best Small businesses are an integral and necessary part Small of the economy; of Managing small businesses requires careful Managing application of the principles of business management, even more so than very large corporations, because there is no room for error, and one or few decision makers have to embrace the whole enterprise. makers...
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This note was uploaded on 11/12/2009 for the course AEM 1200 at Cornell University (Engineering School).

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