Driving Your Passions

Did you know that an increasing number of businesses are closing and fewer are being incubated? This was revealed by a paper published by the Federal Reserve Bank, Cleveland, which traced entrepreneurial development over a few years. The paper showed that more businesses closed in 2009 than during the economic meltdown in 2008. In fact, the rate of business closures increased by 11.6% in 2009, as compared to the figure recorded for 2007. Moreover, the paper found that 115,795 few businesses were founded in 2009 than in 2007, registering a 17.3% decline in business formation. Why are businesses not performing? Is economic pressure the only reason? Is there no way to overcome external hindrances?