It's estimated that some 99% of businesses in the U.S. are small businesses. A small business is defined as a company that makes under $25 million in revenues a year--and are NOT investment firms. So--what makes a small business work? How do you even get started?
CNBC's Danny Deutsch was on "Power Lunch" to discuss tonight's program--"The Big Idea"--which focuses on 5 small companies that are becoming successful. One company is called Metronaps. The idea started with a Wall Street broker who saw his colleagues falling asleep in the bathroom (no bonus jokes about Goldman Sachs please). He and his friends are putting up pods where people can get some sleep during the day. Another company is called Cereality. Walk into one of their stores and you can get breakfast cereal--customized just the way you want it for $4.
Deutsch points out that to start a small business--start with a great idea--something you think is lacking in the world--but something you feel passionate about. Deutsch also says don't be afraid to fail--that failure is part of success--once you learn from your mistakes.
You can catch Danny Deutsch and "The Big Idea' tonight and watch the whole show on CNBC-TV at 10 p.m. ET.
FYI: It is rough out there for small businesses. It usually takes about 3 years before any profits roll in--and after 4 years--it's estimated that only 44% of companies that started--are still in business. But small business advisors say--if you believe in yourself and your product--keep at it.