It is never easy to start your own business. There are many risks and if some of those major and established companies out there are getting bankrupt what’s the chance that it will not happen to yours? According to the Bureau of Labor and Statistics, last 2018 only 17.2% of businesses survived since the day it was established compared to 18% of the year prior.
Why do these businesses fail? Well, many factors are involved but how we can possibly avoid that is most important.
As someone who is about to start or just starting a business, we should always keep in mind the things that would help our business grow over the years.
Above all, we should give our heart and mind in everything that we do. Nothing is impossible with determination and commitment as Peter F. Drucker said, “Unless commitment is made, there are only promises and hopes; but no plans.”
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Contributor: Rona Javier Sources: https://www.entrepreneur.com/author/donald-todrin https://www.entrepreneur.com/article/223390 https://www.bls.gov/bdm/us_age_naics_00_table7.txt