Shocking 30% Business Statistic5 min read

Reading Time: 3 minutes


I heard a statistic the other day that absolutely positively blew my mind about business, to the point that I had to Google it, just to see if it was correct. The statistic was that 30% of business owners are in fear of going out of business. Think about that. Almost in a third of businesses that start are already fearful of going out of business. When you think about that statement and you put yourself in the shoes of one of those persons, what type of decisions would you be making or not making because of that fear? Would you not hire the proper marketing people to create your brand and exposure so people can actually come see you to spend money, to help build your business? Would you attempt to do your website yourself? Because again, you were looking to save money. Would you not hire people for the right seat because you’re afraid it’s going to cost you money and drain your cash flow opposed to being clear on the value, they bring to the organization to free you up so they can help you grow the business? What decisions are you going to make or not make because you have a fear of going out of business?

Here’s something you really need to think about in this equation. The only thing we can control is how we think, that is it. The mind is a very powerful thing if used correctly. And I do repeat if. In the book, Think and Grow Rich, which consists of 13 principles of how to be successful, create wealth, and abundance. The first chapter is titled thoughts or things. The first thing the book covered is how you think. There’s a powerful phrase, “What you think about most, mixed with emotion, backed by faith will translate itself into the physical equivalent or reality.”

Now, with that in mind, it doesn’t specify whether positive or negative as it’s impossible to have a positive and a negative thought at the same time, it’s either or, you can’t have both. Now, let’s put this in a good scenario. When things are working, you’re optimistic, you’re taking all the right action. You’re thinking about being successful. That’s the positive thought in your mind, you’re mixing with emotion, you’re backing it by faith because you’re creating momentum. It translates into the physical equivalent and reality; and your business moves along nicely.

However, if your thought is that you have a fear of going out of business, it’s mixed with emotion because that thought itself is emotional, it’s backed by faith because you’re not taking the proper action, growth is going slow, you’re unfortunately going to continue to create the reality of exactly what you don’t want.

Trust me, my first year in business, I lost a brother to suicide that severely dented my mental attitude and almost took me down. I was witnessing my amazing shrinking bank account. That was my mindset. I was thinking about it most, it was mixed with emotion. I was frustrated. I was dented. It was backed by faith because I was creating my amazing shrinking bank account and I was getting more of what I didn’t want. I hired a coach, got my mind right, started thinking the other way and everything started moving in the right direction.

Be crystal clear that on what you are thinking is what you are creating. If you are one of those 30% that are in fear of your business going out of business, I hate to tell you, if that’s the most dominate thought in your mind, you will create the destiny of exactly what you don’t want.

If you’re one of those that thinks your mind isn’t the number one thing that you need to control, let’s get it right. Because when you think right, just like when I mentioned a couple weeks ago, attitude, get your mind right, get clear on the direction and the actions you need to take. And as long as you stay consistent day in and day out, you will get the results you are looking for. Does it happen overnight? No. Do you have to be persistent, tenacious each and every day to make sure you do what it takes? Absolutely, yes, but that’s where the growth is and that’s the results are.

I encourage you, be very careful about what you think because that statistic really rocked my boat when I heard that 30% of business owners are thinking they’re going out of business. We know the statistics of how many businesses don’t make it past a year, five or ten. I would guarantee a lot of those who are thinking it unfortunately are creating it. And if they thought differently in the beginning, maybe they would still be in business today.

COACH MICHAEL DILL is an Award-Winning Certified Business Coach, global speaker, and published author. He is a proud Action Coach Franchise partner as well as the President of Power & Ice Wealth Creation a strategic leadership company that works with business owners, leaders, teams, and entrepreneurs to both develop a systematized and structured organization while accelerating their mindset, efficiencies, and effectiveness to grow both personally and professionally to achieve extraordinary results. He brings more than 40 years of business and entrepreneurial experience in his leadership, team training, and mentoring practice. Businesscoachmichaeldill.com