I love when I have a serendipitous moment!
Just as I was talking about my upcoming anniversary, here’s some fabulous data to share….
I saw an old Rhonda Abrams column from USAToday website. Here’s the link. Rhonda Abrams is author of The Successful Business Plan: Secrets & Strategies and president of The Planning Shop, publishers of books and other tools for business plans. You can register for Rhonda’s free business planning newsletter at www.PlanningShop.com.
Her column tears apart the myth-that-masquerades-as-truth about most businesses failing within first five years. It’s a great piece so I encourage you to read it in its entirety.
Here’s the part I’m going to quote:
David Birch, former head of a research firm specializing in studying small business data, provided statistics on what is a more accurate rate of success for an entrepreneurial business.
His survival rates:
• First year: 85%
• Second: 70%
• Third: 62%
• Fourth: 55%
• Fifth: 50%
• Sixth: 47%
• Seventh: 44%
• Eighth: 41%
• Ninth: 38%
• Tenth: 35%
“Once you’ve hit five years, your odds of survival go way up,” Birch said. “Only two to three percent of businesses older than five shut down each year.”