Chapter 10 Exit Failure and Success
Published: 31 January 2016
Component type: chapter
Published in: Enterprise: Concepts and Issues
Parent DOI: 10.23912/978-1-910158-75-3-2848
It may seem odd to learn about business exit and failure in a book about entrepreneurship and starting and growing successful businesses. However, it has been reported by the U.S. Small Business Administration that approximately 10% of all firms in the United States fail each year (Knott and Posen, 2005). In the UK, the rate is thought to be similar with 20% of businesses failing in their first year while a further 30% fail within the first three years (BIS, 2013). It is crucial to understand what is meant by business exit and failure to ensure that entrepreneurs and governments can learn from, and respond to failure. This chapter explores the meaning and importance of business failure followed by why firms fail and the effect this can have on the entrepreneur. It also discusses how to avoid such failures and provides an insight into some famous failures.
- Jaydeep Pancholi Norin Arshed, Heriot-Watt University (author) http://orcid.org/0000-0002-6775-1840
For the source title:
- Norin Arshed, Heriot-Watt University (Editor) http://orcid.org/0000-0002-6775-1840
- Mike Danson, Heriot-Watt University (Editor) http://orcid.org/0000-0003-1041-0022
Arshed, J.P.N. (2016) "Chapter 10 Exit Failure and Success" In: Arshed, N. & Danson, M. (ed) . Oxford: Goodfellow Publishers http://dx.doi.org/10.23912/978-1-910158-75-3-2872
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