I agree about some services businesses. Hell, I'm running my second successful consultancy, and have been known to recommend to people not to pursue the standard startup route.
Still, considering the sheer number of e.g. restaurant openings, small store openings, etc, which I assume have a relatively high 5-year failure rate, made me suspect the number was high.
I do wonder how your reference counts an establishment surviving after 5 years. E.g. if I start a company of 1 person (myself), and I keep it around after 4 years, but I'm working a full-time job besides, I understand from the reference that it would be counted as a firm that is still going after 5 years, although I wouldn't classify it as such. But I might be reading this wrong.
I agree about some services businesses. Hell, I'm running my second successful consultancy, and have been known to recommend to people not to pursue the standard startup route.
Still, considering the sheer number of e.g. restaurant openings, small store openings, etc, which I assume have a relatively high 5-year failure rate, made me suspect the number was high.
I do wonder how your reference counts an establishment surviving after 5 years. E.g. if I start a company of 1 person (myself), and I keep it around after 4 years, but I'm working a full-time job besides, I understand from the reference that it would be counted as a firm that is still going after 5 years, although I wouldn't classify it as such. But I might be reading this wrong.