Business Success Rates
I have always heard that 50 percent of businesses fail within the first 5 years.
I linked the graph below for illustration.
Proportion of New Businesses Founded in 1992 Still Alive By Year.
It is something to think about when building your company and positioning it to provide better value than the competition.
Where along that graph do you think the business owner learned about taxes and don’t mess with the IRS?
Where along that graph do you think the business owner learned that insurance is a good thing to carry and should be part of your overhead?
Where along that graph do you think the business owner learned Educated, trained and experienced personnel are the best kind to hire?
If you look at businesses that have been alive longer than 5 or even 10 years maybe we should emulate more of their practices.
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