Small Business Survival

According to the Small Business Administration: Small Business Survival Rates Small Business Openings & Closings in 2008: •    There were 627,200 new businesses, 595,600 business closures and 43,546 bankruptcies. •    Seven out of 10 new employer firms survive at least two years, and about half survive five years. •    Findings do not differ greatly across industry sectors. Sources: U.S. Small Business Administration Office of Advocacy, September 2009 Describe how two of the techniques described in Chapter 6 might help prevent a person from starting a business that is doomed to fail. You may use a particular business, i.e. restaurant, fitness club or salon, for an example in your explanation. Chapter 6 has a lot of really cool planning answers strategic analysis tools. Which of these tools would you use? Why did you choose the ones you did? How would you combine them to achieve the greatest level success in the process of planning a new venture?

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