In this episode, Melinda Emerson discusses why small businesses fail, challenges in starting a business, and the importance of flexibility and reinvention. She talks about the realities of being a boss, the necessity of having a niche target customer, and utilizing professional advisors. She also covers the importance of budgeting, hiring pitfalls, overcoming sales fear, dealing with unsupportive people, and the value of regular business plan reviews.

(0:00) Introduction and podcast giveaway announcement

(1:10) Reasons why small businesses fail

(2:07) Challenges and changes in starting a business

(4:48) Flexibility and reinvention in business

(6:03) Reality of being a boss and the challenges it brings

(9:02) Importance of having a specific niche target customer

(12:36) Utilizing your lawyer and accountant as business advisors

(15:43) Necessity of regular business plan reviews and adjustments

(18:18) Importance of managing your business with a budget

(21:32) Pitfalls of hiring the wrong people for your business

(24:58) Overcoming the fear of selling in business

(28:24) Dealing with unsupportive family or friends when starting a business

(30:07) Promotion of 'Succeed as Your Own Boss' website and resources

(30:46) Wrap up and closing remarks