How Many Business Startups Succeed, And How Many Fail?
It’s a question that has been asked by millions of people, and it’s important to know the answer. After all, if you want to start your own business, you need to know what your chances are of success. The truth is that the number of businesses that fail is much larger than the number of businesses that succeed. In fact, only 11% of startups succeed. That means that 89% fail!
There are many reasons why business startups fail—poor management skills, bad marketing strategies and lack of funding are just some examples—but it doesn’t mean you can’t be one of those successes.
What Startups Can Do To Succeed
When you’re starting a business, it’s easy to get caught up in the excitement of the idea and forget about some of the more practical aspects of launching your dream. But before you start spending money or time on your new venture, it’s important to consider whether there’s really a market for what you want to sell, how much money it will take to get off the ground, and whether you have enough capital—both financially and emotionally—to see your startup through until it reaches its potential. The following are some ways for business startups to succeed:
• Have a plan – Your plan should include both short-term and long-term goals, as well as actionable steps to achieve those goals. Make sure everyone on your team understands what they’re supposed to be doing, when they’re supposed to do it, and why it matters. You’ll need this kind of structure in order to stay focused and make sure you’re keeping up with everything that needs doing at any given time.
• Get help from professionals – When starting a business alone may seem like an impossible task, it is important to seek help from professionals who have experience with starting businesses. They can provide valuable insight into what works and what does not work when it comes to running a business successfully.
• Do not give up too easily – Starting a business can be very difficult at times because there will always be obstacles in your way that you need to overcome before reaching success. If you give up too easily then you will never reach your goals which will result in failure for sure!
As a startup, you’re going to have to work extra hard to achieve your goals. You may have to work on weekends and evenings, and you may be the only person working on your business at all times. By following the tips given above, you can get away from failure.