Success in 2021 - Day 20 Business Survival
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!