Most entrepreneurs have heard the news, people quote failed business statistics everywhere, but the numbers are all over the map.
A recent Harvard University study claims that 3 out of 4 venture-backed businesses fail.
The U.S. Bureau of Labor Statistics shows about 50% of all new businesses survive 5 years or more, and about one-third survive 10-years or more.
This is an interesting statistic because it shows you that a more mature business has a better chance to survive.
According to the Small Business Administration (SBA) close to 66% of small businesses survive their first 2 years. What that means is that only about one-third of total businesses will fail during the first 2 years. The SBA also tells you that about 50% of businesses fail during the first year in business.
This is much more encouraging than the 9 out of 10 failures that some studies claim.
Regardless of which study you believe when you start a new business, there is a good chance that you will fail. Your job as an entrepreneur is to maximize your chances to succeed.
How do you do that? You get training, you surround yourself with successful entrepreneurs, you avoid failing by being prepared. You don't make the mistakes newbies make…