“50% of all small businesses fail in the first couple of years. It’s a damning statistic but it’s true,” reports Theo Paphitis, the serial businessman and former Dragons’ Den star, in The Guardian. He’s right – it is a terribly damning statistic (and he may be dressing it down as some believe 75-90% of startups fail) but one which is seldom heard amidst today’s craze of entrepreneurship. So today, I want to look at why so many startups and small businesses fail and how entrepreneurs can reduce their likelihood of failure. My recommendation: improved market validation.
A great piece over at Christopher Sladdin’s blog: