What are your goals in life? What do you most enjoy doing? Have you ever performed a service free of charge? These are three important questions that you should ask yourself before considering going into business. ' The joy in being self employed involves one being dedicated, determined and dependable. ' Statistics show that the average small business fails within the first three years. I can confirm that the statistics are correct, because I work within an industry that involves setting up new business owners for their merchant services. Some of the various reasons that businesses fail are as follows; lack of advertising, lack of marketing, lack of management, lack of bookkeeping skills, lack of motivation etc.