Quote:
Originally Posted by scottw
it's not accurate
from USA Today
"In other words, they had what David Birch, former head of a research firm specializing in studying small business data, called the "I Had No Idea" syndrome. Would-be entrepreneurs don't realize what's truly involved with running a business.
So what is your chance of success? I think Birch's statistics are probably as accurate as any. His survival rates:
• First year: 85%
• Second: 70%
• Third: 62%
• Fourth: 55%
• Fifth: 50%
• Sixth: 47%
• Seventh: 44%
• Eighth: 41%
• Ninth: 38%
• Tenth: 35%
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And this article says 80% 5-year fail rate:
USI: College of Business--Small business failure rates
This one says 70% over 10-years:
Startup Failure Rates — The REAL Numbers | Small Business Trends
In his book, E-Myth Revisited, Michael Gerber states over 80% fail rate over 5 years.
As such, while my 2:47AM post after a night of fishing was grossly over exaggerated, it doesn't change the fact that somewhere between 7 and 8 out of 10 small businesses fail within 5 years. That letting people immigrate here with the mindset "maybe they'll live in squander with 10 other people to save up and start a successful business" is horribly misguided.
Like I said before, take care of people in this country first before worrying about those from another country. America is neither the worlds Police Force, nor its Welfare department.
Also, how many small businesses stay alive for extra years, on life-support strictly because the owner thrusts him/her self into debt and works 18 hours/day?
Joe, I don't think the sample of students in a business class is an accurate sample. If I had a kid and was planing on having them work for my business, I'd want them to have formal business training.