Statistics about Startups by Business Industry in Europe
by Panagiotis Koutoudis
90% of all new products will fail. This could be for several reasons, but in the retail industry the majority fail because of a lack of proper research beforehand. Always make sure you know if the product will be well received and if there is a market for it.
In all industries, 20% of businesses that fail could still be operating two and half years later if business owners had asked for proper advice from the outset. When a business is in its initial stages, good advice is priceless.
18% of first time entrepreneurs will succeed in business. Although at first glance this may seem like a good thing, it also means that 82% will fail. This is usually down to a lack of good preparation.
Ecommerce businesses are failing in Europe because they have not learned to adapt to online trends. In 2011, 11% of UK shoppers used their mobile phones to purchase products and that number has been steadily increasing since. Ecommerce businesses without mobile friendly websites risk failure in the future.
Businesses should not rely on marketing managers to maintain good budgets. 28% of all marketing managers base marketing budgets on gut alone. Gut will not get you very far when it comes to finances.
Sadly, 50% of all small businesses in Europe will fail within the first three years but entrepreneurs then have a 20% success rate with their next venture.
As you can see, maintaining a business is a difficult job but with knowledge, research and determination, it can be done.
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