Only one in four companies has been in existence for 15 years or more.
Still, this daunting statistic shows that countless small business owners and entrepreneurs are testing their luck, dreaming of new services and products that consumers and clients will love, and giving themselves and the employees they hire. That hasn’t stopped us from realizing our passion, which is financially rewarding.
glow sink Already used Bureau of Labor Statistics Data for analyzing survival trends of small and medium-sized enterprises nationwide. Facility age and survival data are available from 1994 to 2022.
Today’s economic environment is always uncertain and prone to sudden shifts based on the decisions of distant governments where part of the globalized US supply chain resides. A recent poll by his consulting giant PwC suggests companies can’t afford to be complacent. 2 in 5 CEOs People around the world don’t believe their companies will survive the next decade in their current financial state. This is a major concern for leaders responsible for the ultimate economic viability of their companies.
These CEOs cite regulation, labor shortages, and changing customer preferences as reasons why they won’t be profitable in the next decade. In his late 2022 survey by PwC, climate change and the costs resulting from the damage climate change will cause to the world are also on the minds of most business his leaders. Climate disasters since 1990 Cost an estimated $6 trillion According to a recent study conducted by Yale PhD students, it is responsible for global economic losses.
But with change and danger comes opportunity. Entrepreneurs have regularly reinvented existing industries and created new ones. But first they have to survive.