Love What You Do & Don’t Give Up: Encouragement for Entrepreneurs—Hope in the wake of COVID

Many businesses don’t make it to year 2. In fact, about 20% of businesses fail in the first year reported Fundera. The numbers increase for years 2, 5, and 10 to 30%, 50%, and 70% respectively. Reports from Shopify show very similar numbers for e-commerce businesses started in 2016. I’m guessing the numbers will be even higher for the last two years, unfortunately.

There are many factors that contribute to business success and failure. Being an expert in your field, doing market research, having adequate cash flow to cover expenses, successful marketing efforts, and good partnerships will help you beat the odds.

According to Investopedia, the best ways to avoid failing in business include setting goals, accurate research, loving the work, and not quitting.