Expert Advice for Your Small Business Challenges: Wells Fargo Works [Episode #1]
Here’s a closer look at the Wells Fargo Works Project, through which the bank is building and sharing resources for entrepreneurs and small business owners. The bank is engaging directly with people in order to help grow their businesses, and has even anted up tens of thousands of dollars in free support for a lucky few.
More interestingly — but in a move perhaps just as useful — Wells Fargo has documented the stories of some of the businesses it has helped, and the bank is sharing those stories with everyone. You can see one of them above in which a small business owner is given the advice and resources necessary to take his business the next level. Even though this is as much of an advertisement as anything, this is a pretty compelling piece of video.
The project is most interesting because of this fact: most new businesses fail, and more new businesses fail due to incompetence than any other reason. “Incompetence” covers a lot of territory, but Statistic Brain, which published research about new business failure in January 2014, points out specific pitfalls, such as emotional pricing, no knowledge of financing, no experience record keeping, and nonpayment of taxes. After five years, 55 percent of new businesses have failed; by year 10, the failure rate is 71 percent.
The odds do not appear to be stacked in the favor of Main Street entrepreneurs and small business owners, but initiatives like the Works Project could help change up the game. So if you’re looking for something good to watch, tune into what the Works Project has to offer. The stories are real, compelling, and above all, informative.