Did You Know?
80-90% of all businesses fail.
50% fail within the first 5 years.
43-48% of small business owners end up in a divorce.
There were over 16,000,000 businesses started in the US from 2020-2023.
Just under 14,000,000 businesses failed within that same period.
According to the Small Business Administration:
There are 31,000,000 entrepreneurs in the US.
Entrepreneurs account for 16% of the adult workforce.
55% of adults have started a business at some point.
26% have started 2 or more businesses.
The TOP 2 Reasons Businesses Fail:
1. Initial lack of diligent market and competition research to determine if the product or service offered is needed or wanted.
2. Lack of financial capital to sustain the business.