Reasons Why Small Businesses Fail?
During our business search in Canada, we are bombarded with negative and scary news and statistics from all over, that more than 50% of the businesses are failing in their first 5 years of their operations in Canada. However they forget to mention that those statistics are referred mostly to newly set up businesses. There are many reasons for these high rates of failures of new businesses opportunities in Canada when: The business owners mostly have no experience in the industry They feel; they learned about it in schools, Saw that their neighbor did well in such a business, Know how to make scrambled eggs or BBQ a hamburger so it would be easy to run a Breakfast place or a Hamburger joint. Run a similar place in their country, (different products or language) and they feel it should be the same in Canada They quit a well-paid job to be independent and then they realize that owning your business is not a 5 day 9-5 job, actually you have to work there a lot more,…. and so on. ...