Success in 2021 - Day 20 Business Survival

Last Update: January 20, 2021

Welcome Everyone to Day 20!

Everything I write is often just my opinion as is the case today.

The following statistics are from fortunly dot com /statistics/small-business-failure-statistics/

Only 78.5% of small businesses survive their first year.

  • Business owners under 30 years of age are more likely to fail.
  • The most common reason small businesses fail is that the market simply doesn’t need their products or services.
  • 29% of businesses fail because they run out of cash.

One thing, I have noticed with some of these statistics is their surveys tend to be only a small sampling, maybe less than 200 businesses. Well there is a lot of differences from one business to another and one part of the country to another and what businesses are they specifically including or not?

Are they counting a Network Marketing business? Well failure can be high in network marketing, but often that is they just quit. I wouldn't consider failures like that representative of the average business.

I knew one businessman and he only stayed in any given business for 3 years and then he would sell and purchase another business to grow and sell again in 3 years.

The biggest business I ever lost was my Flooring Sales and Installation business that I lost after Sept 11, 2001. That's a pretty unusual event that led to my losing my business just as the Chinese/Covid Virus is this past year.

All those business losses are going to skew the statistics and make it seem all but impossible to build a profitable business and that just isn't the case in my opinion.

Before I left the USA, I had a Security business and I just closed it down when I moved, but I wouldn't call it a failure at all. If I had remained in the USA the business would have continued to operate without any difficulty.

I am discussing this because people often allow negative information to affect them.

You can just look at the division in the USA today and I believe much of that is the result of negative and misleading information.

Anyone of us can be successful in business and there is plenty of sound advice that we can use to greatly increase our chances of success.

I encourage you to continue to stake your claim to your business whether its a part time or full time venture.

To Our Success!

Mel Waller

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LatinNomad Premium
I found these statistics fascinating Mel:

"1. Business owners under 30 years of age are more likely to fail.
2. The most common reason small businesses fail is that the market simply doesn’t need their products or services.
3. 29% of businesses fail because they run out of cash."

Thank you for sharing them. After I left the Diplomatic Service, I set up a business with my new partner and it was apparently going to be a guarranteed success. But guess what, it was exactly point number 2 above. I am now making steady progress with my local business based on my WA Website. Advert below has seen the most success! People like simple adverts it seems! Generally I have been so busy that I have not had time for WA. But for some reason, today has been a slow day. Only 1 enquiry. I`m sure it will pcik up tomorrow, so time to give WA some attention again as I wouldn`t have the local success without my WA site.

Wishing you a brilliant day and thank you for the sensible reminders from above.

He who says it can`t be done, don`t stop the person doing it!

Best Regards,

MelWaller Premium
Thanks for sharing Trevor! :-)

Christorv Premium Plus
Only 78.5% of small businesses survive their first year - I was actually expecting this to be lower for some reason due to all the negatives I have read. Online businesses- like affiliate marketing- can go on for a long time as long as you dont quit and have the means to keep your site going (hosting, posting content, etc)- so one must definitely be aware of these things when reading such survival stats. As they say, you can skew stats every which way you want to get what you want

To Success!!!
MelWaller Premium
Very true. Thanks Chris!

roysinOnline Premium
Thank you for sharing, Mel. The good thing about digital marketing is the ability to quickly adjust when the trends are changing direction.

Statistics can be presented and used in relation to what results from you want from it. Repeat it enough and people will start to believe in it.

MelWaller Premium
Thanks for sharing also Roy!

AlexEvans Premium
If one spends too much time dwelling on the stats you would be heading out to the shed to get some rope.

The thing with business and from observation especially the online business we can chart our own course one that is not impeded by the main stream nay sayers.

Great reminder Mel.

MelWaller Premium
;-) Thanks Alex!

Yes, statistics can be manipulated any way someone wants to use them.

Dadaz123 Premium
Thank you for the encouragement. There's so much negativity around especially in our line of business. The statistics are all skewed as you rightly pointed out in your post.
MelWaller Premium
Thanks Dada!