Famous Business Failures: Is It As Gloomy As It Sounds?

Famous Business Failures: Is It As Gloomy As It Sounds?

Many hopeful entrepreneurs secretly have concerns about failure.  Although the failure rates are often misquoted, they are a natural concern.  It is not unusual to hear someone say 9 out of 10 businesses fail within 2 years. That statistic may sound impressive, but it is probably inaccurate.  According to smallbusinessplanned.com after 4 years, 50% of small businesses are still open.

There are a lot of successful business owners out there that didn’t necessarily make it on their first try.  The good news is that they didn’t give up and eventually found success.  For a list of 50 famous people who failed before they became successful, click here.

That is not to say there haven’t been some incredible blunders.  Accountingdegree.com has an interesting article about 13 of the biggest business blunders of all time. That list includes:

  • Enron
  • Charles Ponzi
  • Pan American
  • British Petroleum
  • SwissAir
  • Woolworth’s
  • Rafaello Follieri
  • Toyota Recalls
  • Washington Mutual
  • Goldman Sachs
  • Fashion Café
  • Bernie Madoff
  • Napster

To read the full article and find out more about how these business blunders occurred, click here.

Related Articles
  • What’s in a Name? Famous Marketing Translation Blunders (drdianehamilton.wordpress.com)

Top 10 Personal Finance Articles

Investopedia Logo
image via investopedia.com
I am a contributing writer for investopedia.com.  The following is a list of my top 10 personal finance articles I wrote for that site:
•  Condo Complications: The Issues Behind Ownership  – Being a “condo person” is just one of the issues you’ll have to examine when deciding if a condo is right for you.
•  Improve Your Karma With Microlending  – Not all businesses are self-sustaining – many rely on microlending in order to survive.
•  Things To Know About The Home Modification Plan  – This program allows FHA borrowers to reduce monthly mortgage payments through negotiation with lenders.
•  How Unemployment Affects You (Even If You’re Working)  – Rebounding from a stint of unemployment can be a frustrating thing to do. These tips should soften the blow.
•  Affinity Fraud: No Safety In Numbers  – Ponzi schemes are just one example of this type of scam; learn how to avoid becoming a victim.
•  Bankruptcy Filing Changes That Could Affect You  – When the economy is down, more people file for bankruptcy. Make sure you know about the changes that have been made to this process.
•  Recognize And Avoid “Work At Home” Scams  – From pyramid schemes to envelope stuffing, there are a lot of scams masquerading as legitimate part-time work.
•  Using Age-Based Funds In Your 401(k)  – If you prefer a “hands-off” approach to saving for retirement, target-date funds may be for you.
•  Lending From A Loan Officer’s Perspective  – Learn how a loan officer thinks, so that you can get the best and safest loan.
•  Employee Benefits: How To Know What To Choose  – Starting a new job is stressful but you don’t need to sweat about setting up a benefits package.