fbpx

Within the first 5 years, 80% of businesses fail. Why is it that when we live in the information age, with almost all of the information needed to succeed available for free, 80% of businesses are still failing?

The E-myth is that most people who start businesses are entrepreneurs risking capital to make a profit. When in reality most people who start businesses are technicians, people who were good at an aspect of their job and decided to start their own show. The Fatal Assumption is that if you understand the technical work of a business, you understand a business that does that technical work. This is not true. There’s a lot that goes on with a business that a technician will not understand. The issue is that most people set up their businesses as people dependent when they need to be systems dependent. Which means setting up systems and procedures that require people with the minimum amount of skills to keep it operating at a high level.

https://www.youtube.com/watch?v=7YGS3OxJZN4


Daniel L. Bishop CFP© CEPA©

Daniel L. Bishop is a Advice-Only Comprehensive Financial Planner that has experience in education funding from cradle to career: Private K-12 Funding, 529’s, ABLE, College Savings, College Funding, College Pre-Approval™, and Student Loan Repayment. His deep expertise is in optimizing Late Stage College Funding into a Comprehensive Financial Plan for people with complicated situations, like business owners. He founded Black Swan Advisors LLC in 2016, so that he could pursue his passion of real, honest, financial planning advice for families. He loves working virtually with clients across the Heartland of America. Daniel and his wife modernized a century-old, lakefront farm house in southern Illinois. After work, you can often find tpaying with their 2 kids, preferably in the water.