Of all the businesses started just 10 years ago, only one-third are still in existence. That’s according to data from the Bureau of Labor Statistics. One in five startups fail in their first year. Agriculture and forestry businesses survive the longest (but only half were in operation 10 years later), and a quarter of mining, oil and gas firms made it that far. The bottom line is that a whopping number of new businesses – about 66% – go out of business within a decade.
Why do so many businesses fail? Of course, there’s not just one reason.
