New businesses are springing up all the time. Then why is it that as many as 8 out of 10 new businesses fail before they are two years old? In fact, almost one-fifth of start-ups fail in the first year, according to statistics published by the US Small Business Administration. Four out of five businesses go on to fail within the first five years.
Of course, no small businessman wants to think about failure shortly after setting up a limited company. But knowing what the potential pitfalls are can prove to be invaluable. In other words, learn from the mistakes made by other small businesses and avoid becoming part of the statistics.
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