Business failure is the ending of a business due to the lack of goal attainment, which can mean low levels of revenue and profits, or not meeting investors’ expectations. Success and longevity are possible, of course, but it takes a lot of work, and sometimes it takes a second or third try.Įntrepreneurs recognize that failure is part of the success of being a business owner. 23, 24 For women and minorities, the percentages are even lower. 22 Data from and the Small Business Administration suggest that only 30 percent of new ventures succeed to the ten-year mark. According to Bloomberg, only 20 percent of new businesses find success within their first eighteen months. Whether a new business is a retail store, restaurant, hair salon, consulting company, tech firm, or manufacturing plant, the truth is that many businesses fail within the first couple of years. While these setbacks can be discouraging, they provide lessons and experiences that can lead to eventual success. Your goal in your venture is to achieve success-ideally, fairly quickly-but most successful entrepreneurs experience some failures along the way. Learn to spot signs of fear of failure and take steps to overcome it.Determine several reasons for business failure and explore strategies to overcome them.By the end of this section, students will be able to:
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