A lack of adequate and accurate business planning are the first two reasons why new businesses fail. It also takes passion, patience, purpose, and practical funding. According to 2019 business data from the U.S. Bureau of Labor Statistics, approximately 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. Only 25% of new businesses make it to 15 years or more. The Feb 28, 2020, Top 6 Reasons New Businesses Fail article by Michael T. Deane identifies that not sufficiently investigating your niche market is a top business startup problem.