95%+ of new restaurants fail. ~Art73.6% of statistics are made up on the spot. ~Steven WrightRestaurant Failure Rates Recounted: Where Do They Get Those Numbers?http://www.restaurantowner.com/public/302.cfmSeveral years ago, researchers at Cornell University and Michigan State University conducted a study of restaurants in three local markets over a 10-year period. They concluded the following: After the first year 27% of restaurant startups failed; after three years, 50% of those restaurants were no longer in business; and after five years 60% had gone south. At the end of 10 years, 70% of the restaurants that had opened for business a decade before had failed. Those are far different numbers than a 90% failure rate after the first year quoted by our television star chef. Another academic research study concluded that 81.4% of all small business failures result from forces within the control of the owners/managers. The bottom line is that even if the failure rate is a little daunting, failure is not inevitable.
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