One of the biggest hindrances preventing aspiring entrepreneurs from turning their ideas into a business is the myth that their company is destined to fail.
People are quick to quote statistics about how many businesses go under before they’ve had a chance to make a profit, which can scare not only the entrepreneurs themselves, but their families as well.
One of the most commonly cited figures is that 80% of startup businesses fail within 18 months, which apparently comes from a Forbes article in 2013. However, the actual source of this figure is almost impossible to find.
In reality, survival rates are much, much better than that, as shown in this lovely interactive chart produced by Fleximize.
Hover your mouse above the chart to inspect the data for each year and country, and use the arrows at the bottom to navigate forward between the slides.
So if you have an innovative idea, don’t be afraid of going out there and bringing it to the world. As long as it is adding value to your customers, it has a good chance of surviving.
Do you like insights into innovation and leadership like this?
Then sign up for your FREE account from Idea to Value to not only get great pieces of insight like this every week, but also free training on improving your creativity and company innovation capabilities from some of the world’s leading innovation experts.
Latest posts by Nick Skillicorn (see all)
- Podcast S3E67: Steve Blank – History and lessons of the Lean Startup method - July 2, 2020
- Podcast S3E66: Mark Metry – Overcoming social anxiety and shyness - June 25, 2020
- Podcast S3E65: Céline Flores Willers – Expanding your reach on Linkedin - June 18, 2020
- Podcast S3E64: Jonathan Courtney – What it takes to build a successful digital product - June 11, 2020