Small Business Success: Why Do Some Fail and Some Succeed?

You’ve probably heard half of all new businesses fail in their first year. That isn’t exactly true. The U.S. Bureau of Labor Statistics is quoted in Investopedia as saying 20% of new businesses fail during the first two years, 45% during the first five years, and 65% during the first decade. The article stated that only 25% of all new businesses make it to the 15-year mark. However, the point is the same: A lot of businesses simply don’t make it much further than their opening. What is the difference between a business that fails and one that doesn’t? Why do some [...]