While it is true that a large number of small businesses fail within the first few years of establishment, what is not true, even in any business environment, is the impression that more than 80% of them fail within the first 3 years. Certainly, there are some that survive for 4, others for 5 years and more.
Small businesses sometimes fail because of sheer negligence on the part of the owner/operator. While in some cases, it is simply as a result of some management pitfalls or environmental factors.
It is possible to avoid any failure in any small business if the owner/operator keeps these points listed below in mind:
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