Why Most Small Businesses Fail?
Featured Image: Unsplash/Felix Russell-Saw
If you’re reading this, you’re probably one of those folks who are tired of their boring and stagnant 9-5 minimum wage office duties and have ideas that are just dying to be marketed for the world to see. There is an eager entrepreneur hidden deep within you and you just can’t hold it in you any longer.
You will find that being your own boss comes with a smorgasbord of perks such as:
- Freedom to make your own executive decisions
- Choosing your own work schedule
- You’ll learn plenty of things like increasing productivity, accounting and micro-management
- You’ll always be working as long as your company stays in business
- As an owner, you can use your accolades to secure better positions at larger corporations
- You can save up more for your retirement
Many aspiring entrepreneurs around the world dream to one day turn their concepts and ideas into consumable products and services. Sadly, reality isn’t very lenient for the faint of heart. Not only is there plenty of research and planning involved but running a business is also quite risky depending on the market they wish to target.
Don’t take this the wrong way; it’s true that small business account for at least 99.5% of businesses in every major industry sector, but there are scary statistics as well. One of them reveals that 8 out of 10 fold within their first 18 months after their inauguration. Another one shows that 78.5% of new businesses survive the first year and that one-half of them survive five years or longer.
There are plenty of reasons as to why startups don’t pick up in the long-run and it’s not just the challenges in a company’s logo design. Our smartly laid out infographic given below will brief you on the pitfalls that will be your SMB’s undoing.