[Infographic] Top Reasons For Small Business Success And Failure
There are many reasons why small business owners succeed or fail, but many of those reasons are not under the control of entrepreneurs. Be it consumer confidence in the economy and the consumer that results from that, or even the strength of the US dollar, there are too many businesses that fail due to external factors.
Of course, internal factors count as well. Lack of experience and insufficient funding can cause a small business owner to go under – only about half of new businesses survive five years or more. Here’s an infographic that shows you some of the statistics that revolve around small businesses in the United States, and what are the factors you should be careful about:
[Infographic courtesy of: AllBusinessLoans]
Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.