Canadian Lawyer

May 2021

The most widely read magazine for Canadian lawyers

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Page 37 of 43

36 FEATURE ENTREPRENEURSHIP R E M E M B E R T H O S E f e e l i n g s o f excitement, achievement and growth when you first started your business? Now it's likely they have become buried among feelings of isolation, fatigue and ongoing financial stress. Statistics from the Canadian government show that 97.9% of Canada's economy is made up of small business with fewer than 100 employees. Yet around a third of these businesses fail within their first five years, and the odds are stacked against those that continue. This is a real issue and something that only can be addressed when business owners know what is stacked against them. Here are five key challenges for small business owners and advice for how to overcome them. 1 Working long hours Running your own small business is a 24/7 activity, which is why it's so easy to get stuck on the treadmill. There is always more to do, always another form to fill out, another Small businesses tend to have a high rate of failure — and it usually comes down to a handful of challenges. Anastasia Massouras explains how to overcome five common obstacles The top 5 challenges for small businesses

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