Bankrupt boomer parents ask adult sons to put their names on legal documents so they can open an IT firm: 'They don't understand how much money need to put into their business'

What are they thinking?

We all know that guy who wants to start a small business for all the wrong reasons. He claims he's not suited to a 9-5 life, but it's abundantly clear he simply doesn't like working, and thinks running his own business would be easier than holding down a regular job. If you're running a small business, you're working a lot more hours than you would've worked if you had a typical office job, and if you're not putting in that time, it's unlikely that your business is going to thrive. About 20% of small businesses fail in their first year, and about 50% close after five years. 

It's not always enough to work hard and hope that your business idea will thrive. You also have to choose the right kind of business to go into. Some small businesses will always have demand. If you have a lawn care business in an area with many aging residents and many front yards, there's a good chance there will be demand for your services. But if you want to open a swimming school for kids in an area with more single people than parents, you might have trouble finding your clientele. If you don't know anything about cleaning pools, you probably shouldn't start a pool-cleaning business either. People want to hire people who know their business inside and out, and if you can't do the job, you probably can't properly hire employees to do it for you. 

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