Small businesses have the best chance of succeeding if they have a good business plan and a well-defined niche, reports Forbes. 

It’s no secret that a large portion of entrepreneurs and aspiring business owners fail. Studies have shown a full 20% of small businesses fail in their first year, 30% in their second year, and 50% by year five.

Goldman Sachs program to help businesses during the financial crisis has now served 7,300 business owners, reports the Harvard Business Review. 

Launched in the midst of the financial crisis in 2009, Goldman Sachs’ “10,000 Small Businesses” program provided free business education, a network of support, and access to capital for small businesses across the United States.

Prior to attempting to sell your small business make sure you understand the whole process, reports Entrepreneur. 

Selling a small business for the maximum value to the right purchasers on the right terms can be a tremendous challenge, even for experienced business owners.