Part 2/8:
The government defines a failed business as one that has filed for bankruptcy or completely shut down. This definition largely pertains to brick-and-mortar establishments that have exhausted their financial resources. In today’s digital landscape, however, this definition is skewed. With online businesses, the barriers to entry are significantly lower, leading many to speculate whether certain business models can even truly “fail.”
Many online ventures require minimal investment, making the act of "failure" a relative term. What's crucial here is the decision-making capacity of the business owner; failure often stems not from the external environment, but from personal choices regarding commitment and perseverance.