Part 1/8:
The Secrets to Running a Successful Business: Understanding Failure Rates
In the business world, failure rates can be daunting. According to the U.S. Bureau of Labor Statistics, roughly 20% of small businesses fail within their first year, and that figure escalates to an alarming 50% by the five-year mark. When you stretch this timeline to ten years, approximately two-thirds of these businesses have closed their doors. While these statistics paint a grim picture, they often fail to capture the totality of what “failure” truly means in the context of small business.