Illustration by Andrei Cojocaru
Summary.
Entrepreneurial firms have traditionally suffered from high failure rates. According to 2022 Bureau of Labor Statistics data cited in Harvard Business Review, roughly 65% of companies in the U.S. alone fail during the first 10 years, and only about 25% survive for 15 or more years. Those grim numbers raise the question: What factors distinguish firms that survive and thrive from those that fail?