ENTREPRENEURSHIP

INTRODUCTION TO ENTREPRENEURSHIP

IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Approximately how much percent (%) of small business fail within the first five years
A
10
B
20
C
40
D
80
Explanation: 

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.

Detailed explanation-2: -By the end of the fifth year, about half will have failed. And by the end of the decade, only 30 percent of businesses will remain-a 70 percent failure rate. Of course, we have to accept several caveats in these data. Here are some common variables.

Detailed explanation-3: -Key Statistics 20% of new businesses fail within the first two years. 45% of new business startups don’t survive the fifth year. 65% of new startups fail during the first ten years.

Detailed explanation-4: -According to business owners, reasons for failure include money running out, being in the wrong market, a lack of research, bad partnerships, ineffective marketing, and not being an expert in the industry. Ways to avoid failing include setting goals, accurate research, loving the work, and not quitting.

Detailed explanation-5: -The fast answer for what percentage of small businesses fail, according to data from the Bureau of Labor Statistics: about 20% fail in their first year, and about 50% of small businesses fail in their fifth year.

There is 1 question to complete.