Failure Rate: Statistics Canada

New Businesses Dept: In 2008, there were 383,300 businesses in British Columbia with fewer than 50 employees. Of these, 82 per cent had fewer than five employees, and 55 per cent were sole proprietorships with no paid help. In total, they accounted for 46 per cent of all employment and 34 per cent of provincial gross domestic product, according to Vancouver Sun. However, small business should not be the main focus of our celebration, but rather the entrepreneurship that gives rise to it. After all, barely half of new businesses survive past their fifth year, and some estimates put the failure rate at more than 80 per cent and for the past 30 years, the third week of October has been declared Small Business Week to acknowledge the fact that most business is small business. Nationally, 94 per cent of all businesses had fewer than 20 employees, according to Statistics Canada. As reported in the news.
@t sole proprietorships, vancouver sun