In Growing Firms in the Entrepreneurial Economy Jeff Cornwall of The Entrepreneurial Mind reports on the latest SBA study of the small business effect on the economy. I think we pretty much all take for granted the importance of small business on job creation and economic growth, which this study tracks. We don’t, however, all realize that the death of four out of five startups might be grossly exaggerated. Quoting Jeff:
Firm survival four year survival rates were consistently at about 50 percent. This was consistent during the ten year time frame of the study. This is consistent with recent studies using other data bases, and should finally put a stake in the heart of the urban myth that only 10-20% of firms survive. What is sad is how many scholars, business media types, and “experts” still perpetuate the failure rate myth.
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