Before I set up my first business, I researched the reasons why start-ups fail. The statistics didn’t worry me. The high rate of businesses that fail in the first year of existence didn’t scare me either. The main reason for my lack of concern was that I simply couldn’t find a reliable source to prove the statistics were correct.
For example, 50% of start ups fail in the first year; 95% of new businesses fail within the first 5 years and the chances of your business surviving 10 years is only 3%. What kind of research was made in order to prove these statistics are correct? I haven’t got a clue. However, after running a successful accountancy practice (www.verticeservices.com) for the last 10 years, I would like to share two thoughts with you: