As an entrepreneur, having a sense of what the stats say about small businesses and startups is important. It is also important to keep improving your general knowledge and focus on personal growth while running your own business. Juggling all these things and a balanced life can be a bit difficult, though. And, somewhere in between you still need to make time to attend important business meetings, conferences, workshops,and sessions.
Luckily, SDG Business Forum aims to make that all a little bit easier for you by providing all the latest developments and news in one spot. In this article, we’ll take a look at some interesting facts on startups and businesses, that you should be aware of. Let’s get started.
1. Partnerships make Perfect
The majority of startups who has at least two or more founders are more likely to succeed than those with one founder. Having a dedicated team of qualified employees also makes a difference when starting your own business, and startups who stick to this structure tend to do better as well.
2. Working 9-5
The majority of all entrepreneurs used to work for a corporate company for up to or more than at least 6 years. Stats also show that more than 70% of startup owners and entrepreneurs are over 40, have a Bachelors degree, and are married.
3. Three is Not the Loneliest Number
Did you know, that there are at least 3 new startups established every second? Sounds crazy, we know. But the stats won’t lie. If you do your calculations correctly, you would see that it comes to about 11 000 new startups being launched per hour. Astonishingly, only 10% of new startups make it.
4. Most Startups Fail
It is estimated that a mere 10% of all startups survive and succeed. This can be due to many things, but speculation says that it is due to a lack of market research. The stat to back this up? A recent survey suggests that 42% of startup owners say that there was no need for the product or service they offered. The solution? Make sure you get your ducks in a row and do the necessary research.
We hope these facts have helped and that you are a little bit wiser than before. Perhaps it will enable you to make better decisions for your own startup. For more interesting facts on entrepreneurs and startups, read this article. Want to know how to start your own small business? Read our article on different steps to achieve this.