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The Data on New Businesses Within Five years
Annette B. Haag’s (2013) study argues that some 600,000 new businesses start each year in America, and some 200,000 will make it five years, and that is one third, so the query is why are there so many business failures; two-thirds or 400,000 disappointments? My name is Donald E. Mitchell, and I hold a Professional Doctorate of Business Administration in Entrepreneurship and Business Management, so I equate myself to that of an expert in the area of Entrepreneurship and Business Management and Entrepreneurs.
Capital is the number one reason why entrepreneurs fail the inability to solve cash flow issues through financial management strategies in their business financial plans. The lack of money to be able to pay one’s liabilities on time is essential as an entrepreneur. In Melissa Horton’s article updated Aug 12, 2019, on “The 4 Most Common Reasons a Small Business Fails.” She went on to quote four different reasons why small businesses fail 1) lack of capital, 2) inadequate management, 3) indecorous management, and 4) marketing mishaps, and I would like to add to this list; a well thought out business plan. The Small Business Administration says a large portion of these new businesses fails within 18 months due to the lack of resources and tools.
So it is the intent of this agency, and myself as a small business consultant to reduce this 80% rate of failure of small businesses and turn this around to more business success than failures through providing capital to entrepreneurs who have made it to that 5-year survival period. And encourage entrepreneurs to invest more in their dreams, either through equity or debt. Thus, ask yourself this question if you are not interested in investing in your dream, why would others?
The agency has developed a principal agency relationship with a direct lender on the West Coast who has a desire to lend to entrepreneurs who have proven they can last the challenges of the first 5-years of startup and management of their going concern.
Basic Criteria to Prequalify for Restaurants or Hospitality Business Loans:
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Contact Us
Dr. Donald E. Mitchell, D.B.A., M.B.A., & B.B.A.-Marketing
Founder, President/CEO
Small Business Consultant
Specializing in; Business Consulting, Business Management, Entrepreneurship, & Marketing.
860 N. DeWitt Place. Suit 1501
Chicago, IL. 60611
2000 Town Center
19th Floor
Southfield, MI. 48075
Toll-Free: (866) 400-3040
Cell: (248) 210-9149
Fax: (888) 413-0053
