The idea of taking charge of your own life is quite inspiring, right? Who doesn’t like to live life the way they want, earning a handsome amount of money working for themselves rather than for others?
In fact, such aspirations pushed more than 500,000 adults in the US to start their entrepreneurial ventures every single month through 2014, according to the stats given by the Kauffman Index Startup Activity National Trends 2015. It translates to 310 out of every 100,000 adult individuals commencing their own businesses, which also marked the reversal of the downward entrepreneurial trend that started back in 2010.
That’s great, of course. What’s not, however, is the fact that about 55% of the startups in the US are not in existence only after 5 years, according to a report on Statistic Brain.
The only thing positive about them is that wannabe entrepreneurs can learn a lot from the reasons that led their predecessors to such failures.
Entrepreneurship, contrary to what majority of people might believe, is not a straight road walking you right to everlasting success and prosperity. It’s quite a treacherous path, full of uncertainties and misconceptions (most of which often prove fatal!).
But if you are brave, wise and persistent enough, scaling through these tough terrains ultimately leads you to some of the best things life has to offer you.
Apparently, there can be endless reasons leading a business to failure, but unless you are able to better comprehend them, your dreams of a thriving and successful business remain far from actualization. That’s where this amazing infographic by Technorian can help you tremendously.
It’s a wonderful compilation of 56 reasons why startups fail segregated into 9 broad categories, dissecting the whole issue effortlessly right in front of you. All you need is to glance through it. What makes it even more interesting is the quotes by some of the most brilliant people in their respective domains. So, here you go.
This article was written by Cent Muruganandam from Business2Community and was legally licensed through the NewsCred publisher network.