SoKy Local Business or "SoKybiz"

Jim Gains of the Daily News recently offered an outstanding article about urban legends. I read every word (which I rarely do) because it touched on very familiar topics. I have to admit that Mr. Gains' article came to mind as I read one from Entrepreneur.com on a similar topic, "Small business Myths." (link to the entire article at the end of this entry)

• Do What You Love, and the Money Will Follow
• You'll Miss the Security of a Job
• If You Don't Grow, You'll Die
• If It's Such a Good Idea, Somebody Would Have Thought of It Already
• You Can't Start a Business Without a Lot of Money

Now for the embarrassing part... yes, I'm guilty of perpetuating the urban myth that 80-90% of small businesses fail in the first 12 months. Even though it was completely unintentional, I am ashamed and repentant. It was interesting to learn that almost half of all small businesses last 4 years or more and that finance is not as common a cause as I had originally "assumed."

It makes a man think locally. I wonder what the statistic is for South Central Kentucky? Is it higher than the national average? Lower? And in either case, why? I've been writing for a year now about the local business climate and how conducive it is to successful business, but now I'm inspired to find out why.

Reasons I think our travel agency business was so successful include the networking opportunities, the number and variety of advertising avenues and the overall economic success of our region. In other words, people in Bowling Green and South Central Kentucky enjoy meeting one another, are financially confident and spend their money.

I will write more on this I'm sure, but I must encourage you to click the link below and read the business myth busting article that will enlighten even the know-it-all business owner.

http://www.entrepreneur.com/mag/article/0,1539,326382,00.html

Edited Thursday 01 Feb, 2007 2:37 pm

This was posted by SoKy : 12:10 PM