Business opportunities are like buses, there’s always another one coming.”
-Richard Branson, founder of Virgin Enterprises.
The Global Entrepreneurship Monitor (GEM) research program is an annual assessment of the national level of entrepreneurial activity. The research program, based on an assessment of the level of national entrepreneurial activity for all participating countries, involves exploration of the role of entrepreneurship in national economic growth. Systematic differences are evident, with few highly entrepreneurial countries reflecting low economic growth. There is also a wealth of national characteristics that are associated with high entrepreneurial activity.
GEMs research has concluded that:
* all nations with high levels of entrepreneurial activity have above-average rates of economic growth.
* economies with higher rates of entrepreneurial activity are stronger and more competitive.
* the correlation between the level of entrepreneurial activity and economic growth is greater than 70 percent.
Data shows that a high percentage of new businesses in the United States fail within the first few years. These statistics could instill fear in the mind of anyone thinking about launching an enterprise. In reality it’s not as bad as you may think. In fact, your odds can really be quite good, especially if you have a coach!
Many people starting businesses fail before they even have a chance to begin by moving forward with a poor business plan. It’s essential to the success of your business that you construct a fool-proof plan before you start moving forward. The construction of a building does not start until after a solid, detailed blueprint has been created by an architect, so don’t start a business without a solid detailed blueprint plan.
Don’t do it without a coach! Athletes don’t expect to make it to the Olympics without one, so don’t expect to make it to the big leagues in your business without one.