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Posted by: Charles P Myrick CPA Posted on: Jul 19 2016 Posted in: small business

Business Startup: Young Entrepreneurs Tell Why

Starting a business is hard work, and the success rate is low – just look at the first year failure rate. There are many reasons that some business startups are more successful than others and plenty of researchers to ask the questions. One interesting line of inquiry looks at the reasons a person wants to be an entrepreneur. 

Briana Morgaine writing in the online says “When it comes to starting a business, you’ll need a driving force behind you—something more than money. Whether that is a desire to make some small corner of the world a better place, or the feeling that you could be the one to perfect a certain product, you’ll need to hone in on that deeper motivation to be successful. Otherwise, it’s hard to keep going when times get tough.”

Young Entrepreneurs Share Their Motives

Entrepreneurs from the Young Entrepreneur Council were asked: What motivated you to start your business? Here are eight reasons they shared: 

1. The desire to help out with a family business.

2. Finding a solution to a social problem.

3. Creating a custom product unavailable in the market.

4. Needing an escape from the traditional work culture.

5. Wanting to be your own boss.

6. A lifelong passion for business.

7. Commitment to social justice.

8. The challenge of making improvements to existing products and services.

You can find more about the individual stories behind the reasons listed in Briana’s article, 8 Reasons Why Entrepreneurs Started Their Own Businesses.  

What Makes a Business Startup Successful?

One of the primary reasons for early business failure, particularly for small businesses, is the lack of a robust and dependable accounting system. Accurate and timely financial information is critical to a successful effort.

Successful business owners put in place a good record keeping system, including cash flow management processes and strategies to provide information for financial decision-making. Using tools like a software package or virtual business services to manage finances will efficiently keep track of how the business is performing, leaving owners to pursue the more challenging task of growing the business. 

 For accurate record-keeping and reporting, cash flow management, and support on initial accounting setup,contact Charles P Myrick, CPA. Recognized as one of Washington DC’s top accounting firms for small businesses, we can help set up the systems that will move your small business to success. (202) 789-8898