It's not a secret that approximately 50% of small businesses will fail within the first 5 years of operation. For me, as a success-strategist, that's not the most compelling factor. What's most interesting to me is what the entrepreneur does after the fail. Do they wave the flag of defeat or do they give it another go?
It has been tried and proved to be true that the reasons new entrepreneurial pursuits don't make it past the five-year mark is due to correctable mistakes on the part of the entrepreneur. These are most likely mistakes that could have been avoided had more thought been put into the planning and strategic process used to launch the business. Below are a few common mistakes that cause businesses to fail early in the game:
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