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Urban Legend: 80% of Business Fail

011006_ghost.   Photo by twitchcraft_galore.

Jeff Cornwall:

Impact Lab has a post that offers sound advice for any small business.

However, before I get to his advice, I need to offer a critique. The premise of the advice is that 80% of small businesses fail. Guess what? That is an urban myth. There has never been a study that shows this high a failure rate — ever. Some studies using flawed data showed as high as 60%, but they count a business that is sold as a “failure”. If the company no longer existed, it was counted in the failure column. Now with better data the studies indicate 40-50%. And remember, with training and education these failure rates drop to 15-25% in other surveys.

Photo by twitchcraft_galore.

   

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