ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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false
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true
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Either A or B
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None of the above
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Detailed explanation-1: -According to the U.S. Bureau of Labor Statistics (BLS), this isn’t necessarily true. Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
Detailed explanation-2: -1 in 4 entrepreneurs fail at least once before succeeding. It takes entrepreneurs an average of three years for their business to begin supporting them financially.
Detailed explanation-3: -The fact is, while there are an infinite number of ways that successful entrepreneurs make their money, there’s only one thing they all have in common: failure. There’s no shortage of examples of great successes who had to struggle before they became the winners we now know them as.
Detailed explanation-4: -Most entrepreneurs fail because they do not have the knowledge or are not prepared enough. The main thing that comes between an entrepreneur and the success of their business is fear. They fear failure, making mistakes, losing money, fear being embarrassed, and fear being left out.
Detailed explanation-5: -Financing Hurdles. Inadequate Management. Ineffective Business Planning. Marketing Mishaps.