American Chronicle:
There is little doubt that many new businesses fail in their 1st year, plus quite a high percentage will fail in the subsequent 4 years. I say ‘little doubt’ because there is not much agreement on actual statistics. But I am sure few people would dispute the fact that the failure rate of new small businesses is high.
That failure rate is not surprising. Starting your own business is very tough; and keeping it going beyond even the 1st year is even more tough. Taking that same business through the 5th year barrier is quite an achievement.
There are many reasons for business failure, but they mostly revolve around poor management skills, poor marketing skills, lack of planning, and… MONEY. To be a successful business owner, you certainly need to understand finance, and the impact it has on your future business. A business plan, covering funding, cash flow forecasting, and details of your market and products or services, is a minimum starting point. Read about The Roots Of Financial Failure In A New Small Business.
Subscribe 
