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How many people succeeded in owning there own businesses?

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Thank you comment icon When it comes to running a business, about 80% make it through their first year. This percentage tends to gradually reduce as the years go by. Only 70% survive their second year, and by the tenth year, only about 30% remain in business. Steven
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Jason’s Answer

Hi Imani,

Successfully running your own business is not easy. Many entrepreneurially minded people have multiple ventures, some which are successful and other are not. As of 2019 start-up business have a failure rate of 90%. This can be a daunting statistic but there are a number of factors that can determine if an entrepreneur will be successful or not. I would suggest that doing your research, finding a mentor(s) and a getting a business degree can all help to avoid many of the challenges any start up is likely to face.

Good luck!

(https://www.investopedia.com/articles/personal-finance/040915/how-many-startups-fail-and-why.asp#:~:text=Key%20Takeaways,70%25%20in%20their%2010th%20year.)
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Hassan’s Answer

Hi Imani

It would very depend on how you define succeed. So if you mean making a lot of money then most business will not succeed. If you mean being your own boss and making enough to survive than the success rate would be much higher.

The U.S. Bureau of Labor Statistics says ~20% of small businesses fail within the first year, by the end of year 5 ~50% have failed, and after 10 years only ~33% of businesses have survived.

They key to succeeding is doing a lot of research up front to ensure you know the ins/outs of that business. Maybe get a job in a similar business first to learn what it takes to run it.
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