2 answers
Imani
Student
Miami Gardens, Florida
14
Questions
2 answers
Jason Criddle
Sales Manager
63
Answers
Boise, Idaho
Updated
Jason’s Answer
Hi Imani,
Successfully running your own business is not easy. Many entrepreneurially minded people have multiple ventures, some which are successful and other are not. As of 2019 start-up business have a failure rate of 90%. This can be a daunting statistic but there are a number of factors that can determine if an entrepreneur will be successful or not. I would suggest that doing your research, finding a mentor(s) and a getting a business degree can all help to avoid many of the challenges any start up is likely to face.
Good luck!
(https://www.investopedia.com/articles/personal-finance/040915/how-many-startups-fail-and-why.asp#:~:text=Key%20Takeaways,70%25%20in%20their%2010th%20year.)
Successfully running your own business is not easy. Many entrepreneurially minded people have multiple ventures, some which are successful and other are not. As of 2019 start-up business have a failure rate of 90%. This can be a daunting statistic but there are a number of factors that can determine if an entrepreneur will be successful or not. I would suggest that doing your research, finding a mentor(s) and a getting a business degree can all help to avoid many of the challenges any start up is likely to face.
Good luck!
(https://www.investopedia.com/articles/personal-finance/040915/how-many-startups-fail-and-why.asp#:~:text=Key%20Takeaways,70%25%20in%20their%2010th%20year.)
Hassan Al
Product Management Professional
398
Answers
Austin, Texas
Updated
Hassan’s Answer
Hi Imani
It would very depend on how you define succeed. So if you mean making a lot of money then most business will not succeed. If you mean being your own boss and making enough to survive than the success rate would be much higher.
The U.S. Bureau of Labor Statistics says ~20% of small businesses fail within the first year, by the end of year 5 ~50% have failed, and after 10 years only ~33% of businesses have survived.
They key to succeeding is doing a lot of research up front to ensure you know the ins/outs of that business. Maybe get a job in a similar business first to learn what it takes to run it.
It would very depend on how you define succeed. So if you mean making a lot of money then most business will not succeed. If you mean being your own boss and making enough to survive than the success rate would be much higher.
The U.S. Bureau of Labor Statistics says ~20% of small businesses fail within the first year, by the end of year 5 ~50% have failed, and after 10 years only ~33% of businesses have survived.
They key to succeeding is doing a lot of research up front to ensure you know the ins/outs of that business. Maybe get a job in a similar business first to learn what it takes to run it.
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