1 year, 5 months ago
via startup-questions.com
How many small businesses make it past their first year?
I've heard that most businesses close their doors after the first year, so why is this?
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M$1 Answer
Summary: When you're starting a new business, the last thing you want to focus on is failure. But if you address the common reasons for failure up front, you'll be much less likely to fall victim to them yourself.
Here are the top 7 reasons why businesses fail and tips for avoiding them.
(Click the businessknowhow.com link in sources to read full article)
The latest statistics from the Small Business Administration (SBA) show that "two-thirds of new employer establishments survive at lease two years, and 44 percent survive at least four years." This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years.
Brian Head, Economist with the SBA Office of Advocacy, noted that the latest statistics are a much more accurate assessment of new business success rates, and that "as a general rule of thumb, new employer businesses have a 50/50 chance of surviving for five years or more."
You may want to listen to a podcast from The SBA, too:
http://www.sba.gov/content/entrepreneurship-you-0
Here are the top 7 reasons why businesses fail and tips for avoiding them.
(Click the businessknowhow.com link in sources to read full article)
The latest statistics from the Small Business Administration (SBA) show that "two-thirds of new employer establishments survive at lease two years, and 44 percent survive at least four years." This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years.
Brian Head, Economist with the SBA Office of Advocacy, noted that the latest statistics are a much more accurate assessment of new business success rates, and that "as a general rule of thumb, new employer businesses have a 50/50 chance of surviving for five years or more."
You may want to listen to a podcast from The SBA, too:
http://www.sba.gov/content/entrepreneurship-you-0
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