Which small businesses are the most tried? Which are the most failed? An infographic from Top Business Degrees that I stumbled on thanks to David Wallace of Small Business Trends provides all of the stats for you to review.
As you read through the infographic, you might feel discouraged when you see stats like 95% of small businesses fail within the first five years and only 9% of small businesses with fewer than 20 employees survive beyond 10 years. Don’t give up your dreams of self-employment. Instead, keep reading and scroll down to the helpful tips to succeed as a small business owner found at the bottom of the infographic.
I particularly like the advice to start small and keep it simple and focused. Don’t be afraid to strategize for the long-term, and that means thinking of your bigger goals. However, working toward those bigger goals by taking small steps is a safer path to success than diving in without first developing a strong foundation to build on.