[Infographic] By Your Bootstraps
Building a business from scratch is never easy. Far too many businesses – around 80% to be exact – fail within the first 18 months. Did you know that in 2009, about 550,000 small businesses opened in America, yet 660,000 of them actually closed down in the same year? It’s a shocking statistic.
Many of those business failures close for a variety of reasons, but surprisingly almost half of them (46%) is down to sheer incompetence, and 11% of them because of the lack of experience in the industry. Much of that is because too many entrepreneurs don’t exactly have a business strategy, and even lack the basics such as a business plan or understanding how to finance one’s business.
Here’s an infographic from Computer Systems Institute that shows you some of the statistics behind these failures, and also provides some pointers on how you can build your business from ground up:
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.