What you’ll learn to do: discuss the advantages, disadvantages, and important considerations of starting a small business

As author and retired entrepreneur Carol Denbow writes in Are You Ready to Be Your Own Boss?, “If you want your new business to succeed, you must know why most businesses fail.” New business survival statistics are grim. From 2005–2017, approximately 21% of new businesses failed in the first year. Roughly half of new business fail within four years. And only 33% of new businesses survive for 10 or more years. Why do you think that is? Denbow’s next sentence provides a clue: “Most people spend more time planning their vacations than they do their new businesses.” In this section, we’ll discuss the pros and cons of starting a small business, and, in particular, how to improve the odds of success.