There's a myth that's rapidly taking root in the entrepreneurial community. It's frequently quoted in business advice articles, and has the potential to plant doubt in the minds of entrepreneurs at a time when they need encouragement.
The tragedy is, is that the myth seems to be without foundation – no research can be found to support it yet it has the potential to put off many would-be business owners.
80% of businesses fail. Really?
So what's this rumour spreading quicker that bindweed? Well, apparently, 8 out of 10 businesses fail in their first year. That's a huge number, and if it were true, just 20% would survive, and there really wouldn't be that many businesses around. Yet in the UK alone, there are more than 5 million SMEs – and numbers keep growing. So, we suspect there's something amiss about these gloomy figures...
Debunking the myth
Fleximize has joined forces with creative agency, Distilled, to debunk this widely accepted 'fact'. Entrepreneurs shouldn't be hoodwinked into thinking their chances of survival are so low. In the spirit of empowering small businesses, we've created revealing interactive content, which charts the actual success rates against the myth.
The content takes you on a journey through the origins of the myth, and drills down into the real survival statistics by industry. It's an eye opener. You can also check out the visuals to find out what challenges SMEs face as they grow.