Owning a business is desirable for most people. But there are facts about owning a business that most present or aspiring entrepreneurs needs to recognize as they play a huge role in determining success. Below are eleven of such facts.
Your comments or contributions (experience sharing) are welcome.
Business Type
1- Over 90% of businesses are small or medium sized businesses.
Business Creators
2- Millennials and Gen Zers are 188% more likely to create a side business.
Business Survival
3- Only 2/3s of businesses survive two years in business.
4- 1/2 of all businesses will survive five years.1/3 will survive 10 years.
Motive
5- 29% who start a business are doing it to be their own boss.
The Age Factor
6- 44% of small business owners are 39 to 54 years old
7- The 40-year-old is 2.1 times as likely to found a successful startup as a person who is 25 year-old.
The Home Factor
8- Around 50% of small businesses are launched from home.
The Funding Factor
9- 27% of businesses weren’t able to receive the funding they needed.
10- 82% of businesses that failed said cash flow problems contributed.
The Numbers effect
12- 77% of business owners wish they better understood their numbers.
13- 80% of businesses have been surprised by unexpected numbers
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