Jasmine news

2018: 67% of New Businesses Didn’t Survive Their 1st Year

According to the CBS, in 2018, 67% of active businesses were independent businesses – a decline compared to the two previous years, 88.4% of the businesses established in 2017 survived their first year (2018), and 67% of them were closed in 2018. Long-term data shows that only 29.9% of the businesses established in 2005 survived their 14th year.

Kiram Baloum, CEO and founder of Yasmin: “It is not enough to be a good professional, you have to be excellent at managing and developing your business, Yasmin provides these tools to empower women’s economic prowess and independence and create a leadership avenue, which will place more women in influential positions and improve women’s standing in the economy. I urge women business owners to join Yasmin and get the tools to advance their business.”

The largest average change in the percentage of business survival is between the second and third year – 15.7% of the businesses did not survive their third year. After the third year, this figure gradually decreases to 4.5% between the thirteenth and the fourteenth year.

The CBS’ social survey for 2018 reveals that 22% of Jews and 39% of Arabs support encouraging employment and job creation as a major step to reduce gaps in the society, 27% have experienced some discrimination in the past year, of which 36% reported feeling discriminated due to their low average income. 11% of the women (18% among younger women) felt discriminated because of their gender Baloum: “The figures are not surprising. Yasmin strengthens and empowers women to equip them with the financial durability to rise to independence and to enhance their social standing.”

In addition, 57% think that the state should take affirmative action in accepting women to work or studies, but when required to choose one main group most deserving of an affirmative action, only 10% supported women. “The public does not prioritize affirmative action for women”, says Baloum.

The factor perceived as most influential concerning social standing is one’s financial position (50%). The second is education (44%) and the third is skills and capabilities (37%).
Baloum: “The public understands that financial position, education and skills are the key for social mobility. Yasmin encourages women to promote their businesses, acquire knowledge and develop their personal skills, tools proven to cause economic and social change. I urge decision-makers to join us; together we can empower the economic durability of independent businesswomen, reduce social gaps and change these data.”