Small Business Revolution

Epilogue: When to Abandon the Dream?

The sad truth: According to the latest information on the small business failure rate published by the U.S. Bureau of Labor Statistics:

• Roughly 20% of small businesses fail within the first year.

  21.6% of small businesses founded in March 2017 were closed by March 2018.

• Roughly 33% of small businesses fail within two years.

  31% of small businesses founded in March 2016 were closed by March 2018.

• Roughly 50% of small businesses fail within five years.

  49.3% of small businesses founded in March 2013 were closed by March 2018.

• Roughly 66% of small businesses fail within 10 years.

  66.3% of small businesses founded in March 2008 were closed by March 2018.¹

Businesses fail for many reasons. For starters, it is a competitive market. Virtually none of the failures come from an owner who doesn't care or who hasn't tried hard or passionately pursued their dream.

America has democratic political and capitalist economic systems. I'm not here to debate the merits of political or economic systems; I'm simply stating the current reality of today.

In our system, everyone gets to vote for their leaders at the ballot box. And everyone gets to vote with their dollars and buy the products and services of their choosing. Government doesn't mandate what you can or cannot buy or from whom (mostly), or what goods or services you should or shouldn't want. We have the luxury of living in a free country with a free market. That structure gives us the opportunity ...