Spy tidbiz: Why eighty percent of businesses fail

Posted on: January 25, 2005 by : hoop
Category : Business | Viewed 212 times

Got this from the Philippine Star today… makes perfect sense.

Spy tidbiz: Why eighty percent of businesses fail
Global statistics show that four out of five businesses fail within their first five years. Of those that are left, four out of five will fail within the next four years. A business scholar observed that if there are 800,000 new businesses operating today, there will only be about 32,000 left in nine years! A whopping 768,000 will have either closed down, been liquidated, merged, been acquired, changed direction, or become a new business. The more shocking statistic is that, of the 32,000 remaining businesses, only 5,000 or so – that is 15 percent – will be making a significant profit. The remaining 27,000 will barely be surviving. Research revealed that the main cause is “entrepreneurial seizure.” The losers forgot one essential element in being so busy – how to attract customers and keep them. Those who really want to be rich take the risk of entrepreneurship. They should just make sure that they do the seizing and not get this seizure.

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