New business owners embark on their entrepreneurial journeys intending to succeed, but not all new businesses will survive. Statistics from the Small Business Administration show that from 1994-2019,. By five years, though, the percentage dropped to 48.9%. At the 10-year mark, small business survival rates plummeted to 33.6%.
The prevalence of surviving businesses correlates with small business funding and state economic health:, Pearson's r=0.24. In other words, in states where small businesses receive more funding and where the overall economic output per person is higher, there tends to be a higher number of businesses that continue to operate over time. Note that these correlations do not demonstrate a direct causal relationship.
In fact, the Silver State has the third-highest 1-year business survival rates in the nation. Of those companies formed in 2021, more than four out of five, or 81.5%, survived through 2022.In recent years, West Virginia's economy has witnessed a transformative shift, showing promising signs of rejuvenation and growth. According to the West Virginia Economic Development, the state has attracted $10.72 in business investment since 2017 and has experiencedin 2021.
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