The statistics for business establishment and survival are astonishing and alarming at the same time. The SBA report for 2018 puts the total number of small businesses at 30.2 million which makes 99.9% of the entire corporate sector. In an even more impressive finding, around 80% of the startups manage to survive the first year.
However, it is unfortunate that the percentage for five-year survival drastically drops down to under 50%
Top Reasons for Failure
This overwhelming failure rate pushed the analysts at Mob Inspire to research the top reasons for failure. Although there are a sizable number of reasons, yet the three most compelling challenges causing failures include:
Deficit of Enterprise mobility.
Lack of effective resource outsourcing disallowing excessive cost and time consumption.
Inefficient staff augmentation strategies yielding a lack of competent workforce to compete with industry leaders. Assign the project and leave the rest upon me. I will make sure you remain happy as well.