One recent study shows that 90% of startup businesses fail, with 20% unable to make it beyond their first year of operation; a number which increases steadily through their second and fifth years. Given the high-risk nature of starting a business, it is incumbent on entrepreneurs to mitigate as many risks as possible to increase their chances of success. Thankfully, there are resources available to help new business owners navigate the various obstacles that await them. Advice such as conducting thorough market research to help understand customer needs, pacing growth expectations, and hiring the proper team, are only a few things companies can do to not only increase their chances of survival, but long-term profitability as well.
To Learn More Read: 8 Mistakes First-Time Founders Make When Starting a Business.