As you know from all the articles we’ve written about entrepreneurship, we are the first to cheer on anyone who follows their dreams and decides to take a chance, which could potentially change the world. That kind of commitment and dedication to innovation and creative ideas inspires the world and pushes humanity forward. However, it’s also important to look at the facts. When it comes to startup failures, which industries are most likely to fail and which are most likely to succeed?
When I think of startups, I normally think of a tech startup, but startups aren’t just in the tech industry. According to Wikipedia, “A startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. It is not necessary for a startup to work on technology, or take venture funding, or have some sort of ‘exit.’ The only essential thing is growth. Everything else we associate with startups follows from growth.”
From that perspective, a startup could be a business in almost any industry. I found this infographic called What’s The Chance A Startup Business Will Fail? by Staff.com to be interesting with regards to this topic. If you look at the different sectors listed on here, you’ll get a good feel for the kinds of business that will succeed, and you’ll also get a good feel for what could lead to a startup failure.
There are also some projections on here regarding startup failures which reach all the way out to 2017. According to this, restaurants and retail stores are the most likely to end in failure. Here in Atlanta, I see that everyday. Stores and restaurants open and then close in popular shopping centers all the time. Since most of our readers are techies, the good news is that e-commerce and online publishing businesses are both doing well! I don’t like reading anything with the word ‘fail’ in it, but in order to be informed, I think it’s important to at least glance at this list. It could mean the difference between startup success or startup failure.
Startup Failure Insight: Choose A Growing Industry
(Click Infographic To Enlarge)
Via: [Young Upstarts]