Small and medium businesses are central to any economy. According to World Bank Group, nearly 10 million small and medium enterprises make up 23 percent of the globe’s GDP, 80 percent of employment in the industries sector and a full workforce or (labor force) of 25 percent.
The challenge for these newbies is to survive, with so little resources and protection, in a market dominated by giant companies.
Microbusinesses face risks such as economic instabilities, transforming customer needs among other factors.
So, what are some things a small entrepreneur should worry about in 2020?
A Spotlight on Small Business Failure Rates
Over 50 percent of all US startups survive up to year four, and failure rates at the fourth-year peg … Read the rest