How many owners avoid a going-out-of-business sale in their first 10 years?

Answer: 34.6%

Questions:

• What factors do you think contribute to the high failure rate of businesses in the first 10 years?
• Are there industries you think would be more successful in staying in operation? If so, which ones and why?
• What are some key things you think a business can do to avoid having to shut down?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom. 

Behind the numbers (NerdWallet):

"Starting a business isn’t for the faint of heart. Around 20% of new businesses close within a year, according to data from the Bureau of Labor Statistics. Though most businesses will find short-term success, only a handful have long-term staying power. BLS data showing the number of businesses that opened in March 2012 reveals that 34.6% of those businesses remained open in 2022, meaning just shy of 35% of new businesses made it to their 10th anniversary."

About the Author

Ryan Wood

Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.