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**How can I effectively outline the steps needed to successfully launch and sustain a small business in the current economic climate?**
**90% of startups fail**: According to CB Insights, the majority of startups fail due to a lack of market need, running out of cash, or not having the right team in place.
**The 5-year mark is crucial**: Only about 50% of small businesses survive for five years or more, according to the Small Business Administration.
**A business plan increases success rates**: Businesses that write a plan are twice as likely to succeed as those that don't, according to a study by Palo Alto Software.
**The ideal business structure depends on state laws**: Choosing the right business structure (sole proprietorship, partnership, corporation, or LLC) can affect taxes, liability, and fundraising opportunities, and varies by state.
**Registering a business name is not the same as trademarking**: Registering a business name with the state doesn't provide trademark protection, which requires a separate application with the US Patent and Trademark Office.
**Securing funding is a numbers game**: The average startup pitches to 40 investors before securing funding, according to startup accelerator 500 Startups.
**Accounting and bookkeeping systems reduce errors**: Implementing a system for tracking income and expenses reduces errors by up to 90%, according to a study by the National Association of Certified Public Bookkeepers.
**Effective team building requires diverse skills**: Having a team with diverse skills and strengths can increase productivity by up to 30%, according to a study by McKinsey & Company.
**Customer base building is key to survival**: The probability of selling to an existing customer is up to 14 times higher than selling to a new customer, according to a study by Marketing Metrics.
**Project management systems increase productivity**: Using a project management system can increase team productivity by up to 40%, according to a study by the Project Management Institute.
**85% of businesses fail due to poor cash flow management**: Effective cash flow management is crucial to small business survival, according to a study by Jessie H.
Jones School of Business.
**Continuous performance monitoring is essential**: Regularly monitoring and analyzing business performance data can increase profitability by up to 20%, according to a study by the Harvard Business Review.
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