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Expert Shares Tips for Overcoming the Challenges Entrepreneurs Face

Posted: 9:39 AM, Mar 16, 2020
Updated: 2020-03-16 09:39:16-04

Despite the fear of failure, 95% of aspiring entrepreneurs think they would be more successful if they had the chance to run their own business. That’s according to a new survey of 1,000 Americans commissioned by Block Advisors.

According to data from the U.S. Bureau of Labor Statistics, about 20 percent of small businesses fail within their first year. By the end of their fifth year, roughly 50 percent of small businesses fail.

A common reason for small business failure is that entrepreneurs get stuck working in their business, not on their business. Operational duties can add up to real consequences for small business owners. In fact, the survey revealed that nearly a third (31%) of small business owners said that bookkeeping/payroll issues have hindered their businesses' growth.

The financial aspect of running a business can be daunting and survey respondents said the three most confusing business tasks are filing business taxes, determining business tax write-offs, and bookkeeping. Figuring out these details eat away at the one commodity many small business owners’ value more than money, time!

Master Tax Advisor Ramon Vasquez is available from the floor of the Small Biz Expo in Dallas, TX. He will share tips that aspiring entrepreneurs and small business owners can use to reduce some of the stress and confusion associated with running your own business.