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| Key Factors | Statistics |
|---|---|
| Business Failure Rate | 20% of small businesses fail within the first year, 50% fail within five years |
| Market Research | 42% of start-ups fail because there is no market need for their product or service |
| Financial Management | 29% of failed businesses run out of cash |
| Business Plan | Only 33% of small businesses have a formal business plan |
By focusing on these key factors, small business and social enterprise start-ups can build a strong foundation for success. Market research is crucial to understanding the needs of your target audience and ensuring there is demand for your product or service. Proper financial management is essential to avoid running out of cash, which is a common reason for business failure.
Having a well-thought-out business plan can also increase the chances of success. Only a third of small businesses have a formal business plan, but those that do are more likely to secure funding and achieve their goals.
With the right strategies in place, small business and social enterprise start-ups can overcome the odds and thrive in today's competitive market.