One of the Top Ways to Ensure Your Business Will be Successful
You can beat the odds.
Yes, it’s true. Startup failure rates vary by industry, but the average, according to the Bureau of Labor Statistics, is 90% of startups fail before their tenth year.
Is it possible to inoculate your business against some of these reasons for failure? I am here to give you an emphatic, YES!
How do you improve your chances?
First, know the most common reasons for business failures.
A terrific compilation of startup failures in a November 3, 2023 article by Josh Howarth, “Startup Failure Rate Statistics” in Exploding Statistics breaks it down:
In regards to cash flow Mr. Howarth states,
“Cash flow problems contribute significantly to the business failure rate in the United States. Most entrepreneurs who launch with insufficient funding, product or service prices that are not market-related, or optimistic sales projections end up with a failing startup.”
To be sure, there are other very important things, like making sure you have a good service or product that people actually…
