Why Do Businesses Fail?

[Moses joel Adetokunbo]

Have you ever noticed how frequently retailers and restaurants come and go in shopping malls? This phenomenon is not limited to these industries alone, but rather affects all kinds of businesses. Starting a business, regardless of its size, involves taking risks. While many businesses succeed, a significant proportion do not.

In fact, statistics show that one-third of small businesses with employees fail within the first two years. By the end of their fourth year, more than half have closed down. Shockingly enough, 70 percent do not make it past their seventh year.

However, some industries are riskier than others when it comes to business survival rates. If you want your business to thrive for an extended period of time, it may be wise to steer clear from such high-risk industries

(to be continued).