— VerifyYourBrain

ph1102 in #life • 9 days ago

Approximately 20% of new businesses fail within the first year, 45% during the first five years, and 65% within the first ten years in the U.S.

While those numbers sound frightening, it's very hard to stay in "a specific sector" for more than 5-10 years... Not just because of running your business badly, but also because some sectors aren't out there anymore! I suppose the right way to do it is to change businesses once in a while, making them more challenging and motivating, plus, developing new ideas and investing in new sectors/niches...

Personally, when I was younger I was running multiple businesses...I'm getting older, and if I start a new business, I'm aware that most of my profits would go to taxes, banks, and corrupted politicians than in my pocket...

It's a wild west outside, but there are good ideas and I would never change the entrepreneur way of living and working for any 9-to-5 job!

I have picked this post on behalf of the @OurPick project! Check out our Reading Suggestions Posts!

Please consider voting for our Liotes HIVE Witness. Thank you!

9 days ago in #life by ph1102

Sort:

topcomment 8 days ago

Your comment is upvoted by @topcomment

More info - Support @topcomment - Discord

0.06 VYB

1 vote

[-]

ph1102 8 days ago

Thanks for the support! 🙏

0.00 VYB

[-]

niallon11 8 days ago

I've heard similar stats before so they would be roughly accurate in most countries.

I would say however that a lot of it comes down to how a business is run. I've worked with a lot of managers over the years who were bad at their jobs and would have a problem if they were in total control of a business.

I think that the right people can make a success of most businesses if they have the right skills.

Fair play to you for being able to keep multiple businesses going over the years. It takes a lot of time and effort.

0.06 VYB

1 vote