I often receive enquiries from persons who are looking for advice on how to be successful in starting and running their own small businesses. I also get feedback from disheartened business owners who have seen their entrepreneurial dreams transformed into financial nightmares.

A common complaint from local entrepreneurs is that it is extremely difficult to operate a business in Jamaica. However, business challenges are not limited to this country, as international statistics indicate that anywhere from one-third to one-half of new enterprises will fold within the first five years of operation.

While owning a business can be a route to achieve personal financial security, it is a reality that many people will experience a negative result from their entrepreneurial attempts.

There are many reasons why business success may be elusive, but I think they can be grouped into three categories – inadequate knowledge, insufficient capital and inappropriate opportunity. Continue reading Why Do Many Small Businesses Fail? →