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FACT
The only reason a business entity exists is to make a PROFIT!
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FACT
Most small business consultants fail their clients! They don't teach them how to make the profit their business should be making.
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FACT
22% of small businesses fail within the first year, 32% fail within the first two years, and 40% fail within the first three years of business. Half (50%) of small businesses fail within the first five years, and two-thirds (66%) fail within ten years.
U.S. Small Business Administration statistics.
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FACT
Small business owners who are self-employed by their own incorporated businesses made a median income of $50,347. Those who are self-employed by unincorporated firms made a median income less than half that, at $23,060.
U.S. Small Business Administration statistics.
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FACT
Most small business failures are due to the lack of access to capital and/or the lack of a cash management system.
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FACT
Most small business owners are unaware of how things like margin, overhead recovery rate, labor burden, etc. affect net profit.
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FACT
44% of independent business owners received at least a bachelor's degree.
Another 31% achieved an associate degree or took some college courses but did not graduate. Another 20% graduated from high school or earned a General Educational Development certificate (GED), and the remaining 5% did not complete high school.
A breakdown of small business owners by education level. Source: CNBC.
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