Statistics can be dry, but they can also be fascinating. If you know how to find the right statistic and present it in ainterestinglyu can hook your reader and keep them reading. In this article, we’ll show you how to do just that with a surprising statistic.
3 surprising statistics about business:
1. A shocking number of businesses fail in the first year
According to the U.S. Small Business Administration, 50% of businesses fail in the first year and 95% are gone within five years. While there are many reasons a business might fail, some of the most common include a lack of planning, poor management, and insufficient capitalization.
One reason so many businesses fail is that they don’t have a solid business plan in place. This can lead to mismanagement and a lack of focus on key areas such as marketing and sales. In addition, many businesses don’t have enough money saved up to cover their expenses for at least the first six months to a year. This can lead to cash flow problems and ultimately bankruptcy.
If you’re thinking about starting your own business, it’s important to be aware of these statistics and take steps to avoid failure.
2. Most businesses are not profitable
According to a study done by the University of Chicago Booth School of Business, only about half of businesses are profitable. This statistic is surprising, as it seems like most businesses should be able to turn a profit with a ttle effort. The study also found that about a quarter of businesses are unprofitable and another quarter are barely profitable. This means that a majority of businesses are not doing well financially.
There are several reasons for this. One reason is that many businesses try to do too much at once and spread themselves too thin. Another reason is that they may not have a clear strategy or plan in place for how they will make money. And finally, many businesses underestimate the amount of work and effort it takes to be successful.
3. The average lifespan of a business is just 10 years
When it comes to businesses, there’s no such thing as a sure thing. In fact, the average lifespan of a business is just 10 years.
That’s according to a study by the University of Maryland’s Robert H. Smith School of Business, which looked at data from more than 1,200 companies across a range of industries.
The study also found that most businesses don’t survive beyond their fifth year in operation. And while there are some businesses that manage to buck the trend and last longer than 10 years, they’re in the minority.
So what accounts for this relatively short lifespan? There are a number of factors, including competition from new businesses, changing consumer preferences, and failure to keep up with technology trends.
Conclusion
These surprising statistics show that starting and running a business is not as easy as it seems. If you’re thinking of starting your own business, be sure to do your research and plan carefully.
Learn more from business and read 5 Things You Need To Know Before Starting Your Own Business.
