80% of all business start-ups fail before their fifth anniversary. Per SCORE, Service Corps of Retired Executives, a resource partner of the Small Business Administration, the main reason for failure is owners do not understand all that is required to manage a business.
Chicago, United States - August 12, 2020 /PressCable/ —
CHICAGO, IL: 80% of all business start-ups fail before their fifth anniversary, and this statistic was in effect before the Covid-19 pandemic struck in early 2020. These survival statistics have not changed since 1995. Per SCORE, Service Corps of Retired Executives, a resource partner of the Small Business Administration, the main reason for failure is owners do not understand all that is required to manage a business.
Enter A Dozen Avalanches Threaten Small Business, a brand-new book geared towards entrepreneurs written by veteran entrepreneur and Chicago area business strategist Darlene Ziebell. In her new book, Ziebell provides insight on twelve key business challenges entrepreneurs face that are typically not discussed in media articles, business journals, or MBA school case studies.
“Getting to the level of business sustainability is not easy; I personally experienced many hardships on my road to success,” said Ziebell. In writing the book and advising entrepreneurs, Ziebell frequently asks, “what is the one avalanche that can bury your business alive today?”
Entrepreneurs do not operate their businesses on the same playing field as the Fortune 1000. Small business start-ups work on slimmer profit margins, forcing them to charge customers more money or borrow more money to survive. This disparity makes it difficult to convince anyone to invest in small businesses.
A Dozen Avalanches Threaten Small Business is particularly valuable in this volatile business climate we are currently in, this time largely due to the Covid-19 pandemic. The last time more businesses failed than started was during the 2008 housing crisis, where business owners relied on equity in their personal real estate to finance their start-ups.
Even with dramatic failure rates, many can and do succeed, and an average of 6.5 million people start a new small business each year. Small businesses are essential to the health and continued growth of the United States economy.
Defined as privately held companies with fewer than 500 employees, small businesses generate 45% of the country’s GDP, Gross Domestic Product. Each year small business owners continue to take risks and employ 45% of all employable people.
In addition to providing insight into the many threats new businesses face, the book outlines Ziebell’s personal business demand experiences and the actions she took to survive and beat the odds of business failure with four start-ups.
“Will the current world-wide pandemic cause more net business failures in the United States?” Ziebell asks. “Unfortunately, this question will not be answered until the world discovers a cure for Covid-19.”
To learn more, contact Darlene Ziebell at 312.778.6406 for more information, or check out her website at: https://darleneziebell.com/avalanches
Release ID: 88972528