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Our next guest DB -- -- EVP of marketing at states like America is gonna share some results of the new survey from your company.
Especially looking at this state of the current economy and -- and asking is now a good time to start your own business.
And the answer is gave me.
Absolutely hi Lauren thanks for having me it is at times says -- -- drain OK I'm absolutely what kind of factors did you look at number one and number two.
Is now the time to work for yourself because he can't find a company that will hire you.
If you're reluctant entrepreneur -- I think definitely is the time to go out and be your own -- -- to decide that you wanna do business on your own.
You know within the first year we found that businesses at least 40% of them.
Are actually starting to get their businesses up and running and 72%.
Of them are actually within nine months making that happened so.
You know there is great success within the first year and win 50% of those people saying within the first six months they're actually starting to paint themselves.
So if -- a small business and you've always wanted to bake cupcakes.
Join your father and a tire company.
Run your own training business do it.
NASA time why now because technology and social media are such strong force is.
In our society it's making a little bit easier weight -- the wind that -- entrepreneur is backs.
Think that this is a magnificent time with technology and social media as you pointed out.
I also think though that this is the time -- and small business or are increasingly turning to themselves and saying you know what.
We don't want to have bureaucracy we wanna help ourselves we want to create a network that allows our own small businesses within our specific markets within our friends.
To succeed so technology.
Is driving that for sure how to use my Smartphone how to why.
Maybe instead of having an office do business in my car from a different site lets say Starbucks.
Right -- look at that association science at 40% of people surveyed were able to get their idea from -- idea to incorporation.
In less than three months that's that's remarkable.
But -- how long does it take.
And play some other than yourself to hire people to expand to have payroll.
To provide health care to really work as a business.
You know and that's said that's one and that factors that we continually see that -- is causing a little bit of banks.
Common theory is that definite first year that we discovered where people are being able to pay themselves.
Possibly not regularly -- definitely been able to want to follow their dream.
But you know the challenges that come with starting a business are -- gonna have -- work life balance one does that actually start to shift in favor of I'm working 24 hours of my business to being able to work my business and have a family at the same time or even how to -- start to find funding -- beyond the six months that -- are gonna start -- -- mean pay employees.
-- but within that first year within at least nine months.
We're definitely noticing that companies are starting to break through and see some kind of results from.
Partners from relationships and from people in and just getting their name out and being successful that allowed them to start to see a path towards growth.
And that will start to take them beyond that first year.
Yes nearly half were able to pay themselves within six months so actually having little something left over after overhead.
Is all completed you gotta earn a living and then.
They've actually added employees -- in the first two years that's not bad.
-- talking about some of the challenges in addition to the work life balance what else is a big challenge for startups.
You know shockingly and that while maybe not shockingly given the state of what we just came off of from the government shut down.
Small business are -- are increasingly saying we're tired of bureaucracy.
I it's harder to get funding there seem to be more process is working the banks are even working with government.
-- coupled that windy the work life balance and how to do marketing how to -- taxes getting the level love of things they need to deal -- has definitely increased.
-- so marketing taxes.
Work life balance what about just.
Money management and go about making sure that you have enough seed money and they have enough money carried -- -- as well.
Absolutely -- we we also discovered from -- from another study that some more than 50% of Americans are actually saying.
You know maybe we don't need to rely and the government are we don't need to rely and the banks may -- were more willing to look -- our peer to peer networks or even crowd sourcing as an alternative.
To finding funding but I think what that really shows is the resilience and DF flexibility of what a small business actually.
Wants to do mean if you're gonna succeeding you're gonna thrive.
Thing you need to be able to look beyond the playing fields of what may be a big business might do and leverage what's available right.
You know it and doing this survey was of some really surprise you -- -- stood out to you.
Yeah after there aren't actually a lot of king sits it out but tell -- of the biggest was.
Wasn't really the and the bureaucracy component and also you know that fact that it's not.
Businesses small businesses were actually looking to start -- their own small communities and say we need to rely on each other.
I think that state of self reliance in terms of we need help from the government or we need help from the banks he's definitely Daryn an undertone of 25 to 30%.
But in addition you know more than 50% into the sixties and seventies were saying.
We have to do this ourselves and we need to figure out a way to bring all of us together to make that happen -- I get really interesting feature.
And that's almost discouraging it just goes to show you.
How regular Americans feel about the economy about politicians and promises about banks and funding and credit and things like that that.
They're essentially saying I'm -- risky start -- you're risky start up and we have to rely on each other is an -- -- risk in many senses.
It does feel a little bit depressing if you look at it from that perspective -- know what first -- I've been.
Say -- been in the business and small companies and small businesses for over thirty years something like this since survey like this actually shows us you know -- there's.
There's power and with the network there's power in.
Being a -- and being a start -- and if we can band together and find the opportunities with our within ourselves.
Then there's probably a way that small business will continue to drive and thrive and push the economy in a way that.
Nobody's ever really dreamed in a recession like -- -- Our small businesses coming to light that much higher rate these days than in the past couple of years in any statistics on -- You know that's a really good question I think that we're seeing it again them coming to life in terms of the one year that we said -- -- definitely banding together.
In terms of their impact on the economy I think we continue to try to look at that and monitor that and look for great ways to measure that.
I would say it's still a little touching down and then right because as many companies are starting that many companies are still probably going out of business because they're not able to make the kinds of choices and -- -- backup to get them successful.
I'm so glad he said that because you know.
I've always heard that number thrown out 85% of small businesses now I don't know if it's still true if it's better if it's worse but.
A small businesses a risk.
And when you hear majority fell -- it discourages people to start up a new.
A new business and you would you say 85% -- -- I would say that then number is probably equal to the amount that are succeeding you know you're probably gonna get five or 10% on either side.
But the fact is is that right now may -- the benefits outweighed the ones that are failing.
I -- we need to help those that are succeeding so that we can make the change.
Yes well we're talking primarily about about startups but start -- -- -- small businesses that you become medium -- businesses and -- -- become fortune 500 companies in many cases.
So it's hard for the -- -- for the small businesses the successful ones the ones that have been around this is the backbone.
Of the US economy and they are so confused right now they don't understand.
Obamacare would be Affordable Care Act and how it impacts them they don't understand tax code they don't like the changes that they're seeing they don't -- with the banks are saying -- can.
Because access to credit in -- So there are so many issues in this space that it's nice to hear that -- companies -- -- and we wanna move.
To be able to be -- small business.
Yeah -- I really think that what the power is -- that you don't have to be an NBA that's why I started off with it's it's really a good time.
-- MBA don't need to be an expert you need to be entering ringing need did you know take -- kind of risk that -- he's got a little calculation.
Strike try do is technology I some software city you can get your bills -- you isn't it wouldn't do it now I love it -- -- so nice to meet him.
We're gonna -- -- set up on the screen you start thieves nor the Mac start with sage dot com stage -- -- sage dot com great.
Great to -- you think everybody thanks -- at.
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