I’ve been in business more than 26 years, but this week we’re celebrating the 18th anniversary of my radio program. How long have you been in business?
0% - We’ve been in business less than two years.
8% - We’ve been in business 2 to 5 years.
5% - We’ve been in business 5 to 10 years.
87% - We’ve been in business more than 10 years.
Early in 2009, as the 2008 financial crisis was being resolved and the Great Recession was coming to an end, I heard someone say, “Just wait until the startups get going after the recession - they’ll get the economy going again.”
That statement caused me to think about the dynamic they had described and to conclude, which I included in my long-term predictions, that there were going to be fewer startups in this recovery cycle than before. My reason for this prediction was because of the lack of two of the primary sources of startup funds: personal credit and home equity. Both of these were virtually wiped out for millions of Americans starting in 2008 and did not recover for some time.
So when we asked our online audience how long they had been in business, I wasn’t too surprised to see how the responses rolled in, with so many in business more than 10 years, and none of our respondents as startups. There is good and bad news in this response, which I intend to write about in an upcoming Featured Article. Stay tuned.
Thanks for playing along. Please participate in this week’s poll below.