Setting up a business isn’t without risk and whilst for some start-ups success beckons, for others they never quite manage to make it off the ground.
The Covid-19 pandemic highlighted how hard it is to predict industry trends and demand, with almost every industry feeling the impact of worldwide lockdowns. Start-ups in particular struggled and couple a global pandemic with common start-up failure issues such as lack of money, poor hiring decisions and reduced market demand then it’s not hard to understand why so many start-ups fail before they’ve really begun.
In today’s age of digital entrepreneurs seemingly making millions from their bedrooms, it can be easy to think that start-up success is a given but remember for every success story you hear there are hundreds of unknown failures.
Having a good understanding of where start-ups go wrong is always a good idea for anyone thinking of turning their business ideas into reality. Tech.co recently put together some graphics which highlight start-up failure rates, the industry’s most likely to be impacted and the impact that Covid-19 had on start-ups across America.
You can check out their start-up failure findings below and hopefully, you can ensure that your start-up doesn’t become another one of these statistics.
To see the full source article, head over to: https://tech.co/digital-marketing/startup-failure-rates