Small businesses that fail in the first year always have these 3 things in common
The process of turning an idea into a lucrative business is never easy, but it’s particularly challenging for small businesses. Without the resources of larger operations, small businesses have a unique challenge in front of them: they have to turn a profit in a relatively short amount of time while not compromising the quality of their product. It's a difficult task, which is why 20 percent of small businesses fail in their first year, 30 percent in their second year, 50 percent by their fifth, and 70 percent beyond their tenth.
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