Question of the Day: What percent of businesses fail within the first five years?
Hat tip to the group in the NGPF Virtual PD: 5 Career Resources in 50 Minutes who came up with this question.
Answer: About 50%
- Do you know anyone who has started a business?
- What do you think are the reasons that businesses fail?
- Does research like this encourage or discourage you from wanting to start a business?
Behind the numbers (SBA):
About two-thirds of businesses with employees survive at least 2 years and about half survive at least 5 years. As one would expect, after the first
few relatively volatile years, survival rates flatten out. (Source: Bureau of Labor Statistics, Business Employment Dynamics.)
Enjoy your holiday break! Questions of the Day brought to you by Mason and Tim will resume on January 3rd.