The shocking truth no one talks about…. Today most of thesmall businesses fail… In this episode, Greg Forzani and Dennis Taekema discuss the alarming business failure rate, which has risen to 90-95%. They explore the reasons behind this trend, emphasizing the lack of foundational business education, the impact of ego, and the importance of understanding financialfundamentals. The conversation highlights the need for entrepreneurs to set personal goals, navigate the overwhelming advice available, and recognize the competitive advantages small businesses can have if they learn to play the game effectively.

Takeaways

-             90 to 95% of businesses fail over their lifetime.

-             Many entrepreneurs start businesses without understanding the fundamentals.

-             Business education is often lacking in schools.

-             The failure rate is not dependent on revenue but on foundational issues.

-            Proper financial understanding is crucial for success.

-             Ego can prevent business owners from seeking help.

-             Advice from others can be misleading without context.

-             Understanding your numbers is key to making informed decisions.

-             Personal goals should guide business objectives.

-             Small businesses can have a competitive advantage if they understand the game.

Chapters

00:00 The Reality of Business Failure Rates

02:54 Motivations Behind Starting a Business

05:45 Understanding Business Value and Asset Building

08:02 The Importance of Business Education

11:05 Challenges in the Business Landscape

13:25 The Role of Ego in Business Success

16:05 Navigating Business Advice and Information

18:25 The Importance of Financial Understanding

20:50 Building a Sustainable Business Model

23:34 Working Backwards to Achieve Business Goals

26:52 Strategic Intent in Business and Sports

28:46 Understanding the Foundation of Business Success

30:30 The Importance of Financial Literacy

33:13 Navigating Business Loans and Financial Risks

34:36 The Competitive Advantage of Small Businesses

36:50 Aligning Business Goals with Personal Aspirations

37:49 Mastering the Game of Business

41:47 Understanding the Rules of Business

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