Over 50% of new businesses fail in their first year of operations from lack of capital, ineffective management, or both.

Question

Quizplus · Accepted Answer

This statement is true according to several studies and statistics. Lack of capital and ineffective management are among the top reasons why new businesses fail in their first year. Therefore, it is essential for entrepreneurs to have a solid business plan, financial backup, and effective leadership skills to increase their chances of success.

Over 50% of New Businesses Fail in Their First Year