According to the US Bureau of Labor Statistics, 23% of new businesses fail within their first year. The same study shows that the healthcare industry has a lower incidence of failure with only 20% of businesses failing in the first year. For healthcare businesses, the rate of failure within 2 years is more than 25%. Provider Web Capital is committed to helping new businesses beat the odds. Our financing models are designed to help your organization succeed through the first years of business and meet the changing needs of the healthcare environment as your business grows.
Entrepreneurship plays a vital role in the growth of the U.S. economy. As the primary source for information on the nation’s labor market, the U.S. Bureau of Labor Statistics (BLS) collects data on new businesses and job creation. The following data highlights are produced by BLS Business Employment Dynamics (BED) program and provide insight on the contribution of young and small businesses to the overall number of businesses and jobs in the economy.
New business establishments make an important contribution to the economy; however, it is inevitable that some of these establishments will eventually fail. The BED age series tracks cohorts of new business establishments to measure how many survive from year to year. Survival rates for establishments vary by industry. The health care and social assistance industry, for example, consistently ranks among the industries with the highest survival rates over time, while construction ranks among the lowest.
To read more on Entrepreneurship and the U.S. Economy follow the link below:
Bureau of Labor Statistics