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Startup Success Trends in Small Business Beyond Five-Years: A Qualitative Research Study
Abstract
While entrepreneurs help to drive venture growth through business development in their respective cities, approximately 50% of new business ventures fail within the first 5 years of operation. Boss concluded that over 60% of entrepreneurs and small business owners fail within the first 6 years of doing business. This article examines some of the main factors that support early growth stage entrepreneurial sustainability for small business startups. In this article, entrepreneurship success factors, failure rates and sustainability are examined through qualitative research, expanding on factors identified in previous studies and applying them to different geographical areas. The results of this study can help reduce the number of small business failures by providing actionable knowledge to entrepreneurs in the start-up and early growth stages of business development.
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