seems that certain types of small businesses are more likely to fail. Why do you think this is?
Of course, there are many factors that contribute to the success or demise of a specific small business. Lack of industry experience, inadequate financing, poor cash flow, poor business planning, ignoring the competition, management incompetence, a diminished customer base, poor location (especially true for retail and restaurants), and a lack of entrepreneurial skills are a few of the more commonly referenced reasons for failure.
The infographic below attempts to illustrate some of the reasons why certain types of businesses are more likely to fail than others.
We want to hear from you. What do you think about these statistics? Do you agree or disagree and why? Leave us a comment below.
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