By Jay Goltz
For the last 25 years, entrepreneurship has been widely heralded as the path to fame, fortune, and following your own vision while avoiding working for “The Man.” It’s nice when it works. More times than not, it doesn’t.
Some 70 percent of businesses fail within seven years, according to the Small Business Administration. In the worst cases, the result is not only business failure but also complete financial failure. What I have learned is that the damage doesn’t stop there. I share this with you as an attempt to bring some reality to the conversation about entrepreneurship. It is not just about passion and innovation and bringing your dog to work. It is also about risk, tenacity and fear. It is also about the repercussions of bad luck, bad decisions and bad economies. I know of four business owners in Chicago who have taken their own lives since the economy turned.
The following story is not that bad, thankfully, but it does offer a counterpoint to the hype. It started many years ago with a friend of mine, John Baumeister, getting an electrical engineering degree and developing his passion and expertise for audio and video systems. He created a company called Baumeister Electronic Architects, and 20 years later, it was a leader in installing high-end audio and video systems in Chicagoland. His staff grew to 40, and it looked like nothing could stop him — until a combination of the housing and the economic crisis resulted in the delay or cancellation of many of his orders. I have known him for several years, and he called me for advice. (more)
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