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Make or break

Published: 17 November 2015

Xero

To mark Global Entrepreneur Week 2015 (16-22 November), Xero have launched their Make or Break report, revealing the common traits and experiences separating businesses that succeed from those that fail.
 
The report, which surveyed over 2,000 business owners in the UK and the US, examines the experience and attitudes of those who have either made it or had to shut their doors.
 
Key findings show:    

  • Successful entrepreneurs are more likely to make time for their families and loved ones
  • A third of successful entrepreneurs say they have turned to a mentor, compared to just 14 per cent of respondents who ran businesses that had to close
  • More than 65 per cent of failed business owners blame financial mismanagement for their downfall
  • Nearly every survey respondent that used financial or accounting technology (99 per cent of failures, 98 per cent of survivors) recommended it
  • Most entrepreneurs are happy with their business closing, as they know it will be built stronger a second time round. Failure is often the first step to success 

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Business Franchise magazine is the official publication of the British Franchise Association-supported Franchise Exhibitions.

From newly launched franchised businesses to opportunities for potential franchisees, Business Franchise magazine is the unmissable guide for anyone looking for their first or next franchise adventure. Featuring an invaluable A-Z directory of franchisors, in-depth articles and important updates from the franchise industry, it provides hot-off-the-press franchising news, advice and essential information.

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