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The News Beam
Home The Entrepreneur

13 interesting facts about owning a business

August 31, 2022
in The Entrepreneur, Capacity Building
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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.

13 interesting facts about owning a 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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Tags: Business OwnersBusiness survivalSmall and medium-sized enterprises
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