In the business world, failure is far more common than success, with statistics highlighting that approximately 20% of new businesses fail in their first year. This trend continues, as 50% fail within five years and 65% within ten years. The emotional impact of these failures is amplified when they are public, affecting not only the founders but also employees and the business's reputation. Examples like Pets.com and Anki illustrate the pitfalls of rapid expansion and the challenges of market timing, reinforcing the need for a solid business foundation before scaling.
In the history of the business world, it should go without saying that far more companies fail than succeed. This is an unfortunate truth, with as many as 20% of new businesses failing in their first year.
The most challenging point for some businesses, especially founders and CEOs, is that their failures are very public. It's one thing to fail and disappoint yourself and your family, but it's an entirely different thing to fail on a global scale.
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