BUSINESSES COME IN ALL SHAPES AND SIZES, SO DO BUSINESS OWNERS.
Success comes in all shapes and sizes but isn’t guaranteed.
Yearly GOV.uk statistics show that between 500,000 – 700,000 new start-up businesses are launched in the UK every year but 60-70% will fail within 3 years.
A survey by CBInsights analyzed the reasons why those companies failed.
- 42% of start-up businesses fail because there’s no market need for their services or products.
- 29% failed because they ran out of cash.
- 23% failed because they didn’t have the right team running the business.
- 19% were outcompeted.
- 18% failed because of pricing and cost issues.
- 17% failed because of a poor product offering.
- 17% failed because they lacked a business model.
- 14% failed because of poor marketing.
- 14% failed because they ignored their customers.