ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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30%
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15%
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50%
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70%
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Detailed explanation-1: -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: -The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.
Detailed explanation-3: -Percentage of businesses that fail in the U.S. The business failure rate in the U.S. within the first year is nearly 20%-18.4%, to be exact-according to a LendingTree analysis of BLS data.
Detailed explanation-4: -According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years.
Detailed explanation-5: -You start your business for the wrong reasons. There’s no market or too small of a market. Poor Management. Insufficient Capital. The Wrong Location. Lack of Planning. Overexpansion. No Website and No Social Media Presence. 01-Sept-2022