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First-time entrepreneurs have only an 18 percent chance of succeeding and entrepreneurs who previously failed have a 20 percent chance of succeeding."
I believe it's about the mindset, I wouldn't take statistics about success or fail when it comes down to new business, business is about who is leading it.
The main possibilities are as follows
Fortune reported the “TOP REASON” that startups fail,: “They make products no one wants.” A careful survey of failed startups determined that% of them identified the “lack of a market need for their product” as the single biggest reason for their failure.
A startup can’t segment its responsibilities like that. Things are far more organic in a startup, meaning that roles and responsibilities will overlap. Small things can turn into large things. Some of the most important components of a startup are those pesky issues of business process, business model, and scalability.
Growth — fast growth — is what entrepreneurs crave, investors need, and markets want. Rapid growth is the sign of a great idea in a hot market. Growth leads to more growth, which leads to even more growth. A startup should not be satisfied with marginal single-digit growth rates after many months of operating. If the growth doesn’t happen after a certain amount of time, then the growth will not happen. A company that is not growing is shrinking.
Another major reason why startups fail is that they “ran out of cash.” Why did they run out of cash? Because they didn’t grow fast enough. If your startup can grow fast, you can effectively bypass some of the biggest startup killers — losing to the competition, losing customers, losing personnel, and losing passion.
Every startup is backed by a powerful team of people. The more versatile that team, the better chance they have of succeeding.
“Versatility” is often viewed in a limited sense, that of possessing more than one skill or talent. Versatility in the startup environment involves much more than someone’s skillset. It involves mindset. Startup teams must possess the ability to change products, adjust to different compensation plans, take up a new marketing approach, shift industries, rebrand the business, or even tear down a business and start all over again.
It’s all about recovering from blows. Teams that are able to recover together, also possess the unique trait of harmoniously working together through tough times.
I’ve also noticed that startups with co-founders have a higher success rate than companies with a single founder. Having a cofounder creates a partnership. There’s much more accountability, which helps you to avoid some of the pitfalls of a single charismatic leader. Plus, a cofounder will have skills that you don’t have.
Thinking so because of various study report and case studies are showing such feedback.
