Wednesday, October 5, 2011

Top 10 Reasons Why Businesses Fail

According to the SBA, over 50% of small businesses fail in their first five years. A poor economy is a very large part of this statistic, and it's easy to place the blame there. But there are plenty of other reasons that often aren't identified as to why businesses fail, mainly because owners fail to take responsibility for shortcomings on their own behalf.

In this 'no bones about it' article by the New York Times, they list the top ten reasons why businesses fail. If we as business owners can understand why businesses often fail, then we can learn from those things and have better planning for our own ventures so the same failure doesn't fall on our shoulders.

For the entire New York Times article, click here.