In the article “Top 20 Reasons Startups Fail (Infographic),” featured on Inc.’s website, contributor Larry Kim shares an infographic containing 20 ways a new business can fail.
“Over 51 percent of businesses will fail in their first five years (U.S. Census data), and even 25-30 percent of venture-backed businesses fail,” writes Kim in the article. “If you want to innovate and put yourself out there, you have to accept that every entrepreneurial venture is a risk.”
He continues in the article, “Often, it helps to turn to the experience of others — to learn what lessons we can from their failures, and cut the learning curve for ourselves. Even if you feel like you’re reaching (or surpassing) your prime, it’s never too late. Jeffrey Brotman, founder of Costco, didn’t launch that successful company until he was [in his 40s].”
Understanding what causes startups to fail can help new business owners avoid the same blunders, he adds.
You can also find this article and infographic here.