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In the ever-evolving landscape of entrepreneurship, certain business models have consistently shown resilience and growth potential. As we move into 2024, these models are not just surviving; they’re thriving, thanks to technological advancements, changing consumer behaviors, and new market demands. According to the Bureau of Labor Statistics, on average, “20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years.”
Although the data may seem bleak, most of the business’s that failed didn’t know the key fundamentals of starting a business. The main thing is you need an idea — starting a business isn’t about having your eyes on only the green dollar, but an innovative idea that will truly service people.
Here are five types of businesses…
