The “common statistic” thrown around even by university professors, Wall Street Journal editors, etc. is that “80 to 90% of new businesses fail within a few years”.
Jeff Cornwall and Rhonda Abrams say there’s just one problem with that statistic: it’s dead wrong.
Credible studies show success rates five years out (the normal time line for such studies) to be around 50% +/- 5%. And as I’ve said many times, smaller studies of those who have gotten trained and educated in the process of starting and growing a business find success rates as high as 80-90%.
This urban myth is perpetuated by the histrionic media who loves find evidence of doom and gloom even when it isn’t real, and by ignorant and uninformed “experts” who are too lazy to do the research needed to find out the truth.
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