A recently released book, The Illusions of Entrepreneurship, has me completely distressed (and I haven’t even read the thing yet!). In the book, economics professor Scott A. Shane shares some of the “less than pleasant” facts about entrepreneurship. As a precursor to the book’s release, a “quiz” circulated the Internet. You can find the quiz here.
Although I did poorly on the quiz, it didn’t bother me. I found the information interesting, nothing more. It’s okay that I’m not an “expert” on entrepreneurial statistics. Unfortunately, the quiz alarmed many would-be entrepreneurs. I read several similar blog posts which said, “This quiz/book makes you reconsider owning your own business.”
The quiz (and book) focus almost entirely on small business statistics. And, it’s true that most small businesses fail within the first 5 years. But, it is not statistics that cause failure. It is what business owners are doing (or not doing) that makes the difference.
Michael Gerber, author of The E-Myth (and Infusion Software endorser), exposed many entrepreneurial myths with the same cold, hard facts. However, by the time you finish his book, you feel like business ownership isn’t only possible, but exhilarating as well. And that’s the way it ought to be.
If you have a desire to own your own company – DO IT! Just make sure that you know the real causes of small business failure. Study what successful entrepreneurs have done. Read books by the experts. Learn the tricks of the trade, and then jump in with both feet. Don’t be frightened off because you don’t know the ratio of men to women who own their own companies!
Posted In: Small Business
