45% of New Businesses Fail Within 5 Years: Here Are the 7 Reasons Why - StartUp Mindset

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Don't like ads? Go ad-free with TradeBriefs Premium 45% of New Businesses Fail Within 5 Years: Here Are the 7 Reasons Why - StartUp Mindset    Risk is an unavoidable part of life at a startup. Some new businesses start strong before hitting a rut, while others crash and burn in just a few months. The lucky few that go on to become the success stories we share over drinks with our partners are few and far between. There are several reasons why businesses fail, and not all of them can be avoided. Rigorous planning and careful execution can set you up for a higher chance of success, but we’ll never be able to eliminate our risk. In the United States, the Bureau of Labor and Statistics (BLS) is the authoritative source of information on the nation’s labor market. Among other things, they collect information on the number of new jobs created each month, new businesses, business failure rates, and business lifespans. They started collecting data on business survival rates in 1994, so we have a relatively stable data set from which to identify trends. In the latest BLS data, there were fewer new businesses and jobs created since 1994. The latest data from the BLS gives us some detail into the lifespan of businesses in the U.S. in recent years. Continued here

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