Did You Fail With Your Businesses

[Nomad]

Businesses are prone to failure. Studies show that more than half of businesses fail within their first year, and among 25 percent of those that survive fail in the second year. Just about 5 percent of the businesses manage to last beyond five years. Has any businesses you started also failed, how long were you running it before you shut it down because of failure.

 

[Starmix]

My offline business will be three years old August next year. My online business is still doing good. My milk tea business has now three competitors in the mall, however, most mallers are transient and it's first come first serve. I'm thankful that my business is installed strategically, visible by entrants of the mall. My competitors are at the remote location. However, I should be cautious and remind myself all the time, that there's no guaranteed business, so I must have a new plan.

 

[eLdavis]

When i first started my business, i failed but i learnt from this and it has helped me become a lot better.

 

[Suba]

I've failed twice in business, primarily because the product became outdated and was replaced by a newer one. Both times, I targeted the wrong marketing target. But I persevered and rebuilt my business on a small scale.