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Washington, May 20: In accordance with data from the U.S. Bureau of Labour and Statistics, just 25 per cent of new enterprises survive for 15 years or more. That statistic hasn't changed in 30 years, despite shifting economic situations within and between markets. An elegant explanation is offered by a recent study published in the Strategic Entrepreneurship Journal: a company's long-term success is greatly influenced by the circumstances surrounding its inception, rather than just changes in its markets.

Although understanding industry norms and trends has long been held as a key to entrepreneurship success, social, economic, and technological changes make industry knowledge increasingly less relevant.

In accordance with data from the U.S. Bureau of Labour and Statistics, just 25 per cent of new enterprises survive for 15 years or more. That statistic hasnt c