Introducing Azlo University

azlo university

At Azlo, our mission is to help businesses survive and thrive. That’s why we created Azlo University, a library of short, digestible lessons on how to run a small business. The courses are designed for entrepreneurs at any stage—whether that means you are focused on starting, running, or growing your business. 

With these lessons, we want you to join the small business owners who are able to keep their businesses running one, two, or more years after launching. 

Statistics on business success rates

 

Have you ever heard that 8 out of 10 businesses fail after the first year? While this oft-circulated statistic is not true, it has, naturally, filled many an aspiring entrepreneur with angst, anxiety, and fear. 

Running a business is undoubtedly challenging, but it’s not impossible. Millions of entrepreneurs and business owners in the United States enjoy varying levels of success and make up a significant part of the economy. 

According to the Bureau of Labor Statistics (BLS), after:

  • One year, about 78-80% of businesses are still operating
  • Two years, about 60-70% are still in business
  • Five years, about 50% of businesses remain open, and 
  • 10 years, around 30% of businesses are still open

The BLS doesn’t look at how many businesses “fail.” Instead, it looks at survival rates. This term, along with its data, shows a less dramatic and more optimistic picture for small businesses.

Entrepreneurship and the US Economy

Source: bls.gov

Statistics from the Small Business Administration also show that, for a given business, survival rates improve as a business ages and that about 66% of businesses with employees make it to the two-year mark, and about 50% make it to the five-year mark. 

And while it’s important to know about the true survival rates of small businesses, it’s also necessary to know why businesses fail.

Top reasons businesses fail

 

The business analyst firm, CB Insights, says these are the top reasons:

  • No market need
  • Insufficient funds
  • Wrong team/bad hires
  • Beat by competitors
  • Financing problems
  • Change in costs
  • Poor marketing
  • Failure to listen to customers
  • Mistimed product
  • Lack of passion
  • Legal problems
  • Failure to adopt 
  • No commitment to learning

Entrepreneur Magazine gives the following reasons as to why approximately only 30% of businesses make it past 10 years: Poor leadership, failure to connect with customers, inability to manage finances, and not delivering real value to customers.

No one plans on failing. Failed business owners never wake up in the morning and say to themselves, “How can I ensure failure today?” They probably thought they were making all of the right decisions along the way. 

Maybe they didn’t have enough guidance, didn’t have mentors, or lacked the necessary business knowledge to succeed.

Azlo wants to change that and help business owners learn necessary skills, navigate challenges, and ultimately succeed in business. 

Enter Azlo University

 

Naturally, new or currently struggling business owners want to avoid going out of business. The fear of failure is often present in the minds of business owners. 

Azlo University seeks to arm you with knowledge and skills in high-yield business topics such as:

  • Business structuring
  • Important to know legal information
  • Developing an idea
  • How to conduct market research for your business product or idea
  • Essential planning steps
  • Ways to finance your business and operations
  • Important knowledge about securing capital
  • Business banking
  • Managing finances, like cash flow, expenses, and taxes
  • And other content geared toward starting, operating, and growing your business

Azlo University leverages subject matter experts in these different business domains.

Through Azlo University, you will learn from real people that have faced and overcome their own challenges and are successfully running their businesses.

Most content on Azlo University is free. However, some pieces will only be available through Azlo Pro, our paid membership. 

Business success is within your reach. There will be questions, doubts, challenges, and adversities. However, you also have many tools at your disposal, including content designed to help you along the way.

Admin

Hi there! This post exists to offer you (hopefully) useful information but it cannot take the place of personalized professional advice. Please consult a qualified expert if you have questions about your business. Also, Azlo doesn’t endorse any third-party sites that are linked here.

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