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The Tragic Reality of Business Failure: How to Beat the Odds and Succeed

Name: The Tragic Reality of Business Failure: How to Beat the Odds and Succeed
Uploaded: 2024-04-11T19:30:04+00:00
Duration: 42 s
Channel: Jim Johnson
Description: Speaker (Jim Johnson) introduces the topic by highlighting extremely high early failure rates for new businesses, citing the U.S. Small Business…

11 Apr 2024 · 1 min

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Speaker (Jim Johnson) introduces the topic by highlighting extremely high early failure rates for new businesses, citing the U.S. Small Business Administration figure that 77% of new companies fail in their first year and noting even fewer survive eight years; the speaker frames the situation as a prolonged, tragic pattern based on decades of experience.

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And in fact, according to the small business administration, 77% of all new companies fail in their very first year. Now think about that. If you've survived more than your first year, you're miraculous. But please don't love yourself to pieces because of that. Because very few of the remaining actually survived the first eight years of their business. So it's an extraordinarily tragic story. I've been immersed in that tragic story for years, post a half a century.