Globally, the median amount required to start a business is $15,000, but 29% of businesses fail when the owner runs out of money. That’s because 82% of startup funding comes directly from the owners or their families. Only one out of 100 entrepreneurs will ever get venture capital to help make their businesses successful.
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Despite those numbers, people are still starting their own businesses at higher rates than ever before. It’s not surprising that so many people, particularly women, are pursuing entrepreneurial paths. The internet has made starting, managing, and marketing a business far easier than it was for our parents’ generations.
As the infographic below shows, gender doesn’t matter. Have kids at home? No problem! Three out of five businesses in operation for at least three and a half years are run from the owners’ homes. Getting up there in age? Again, no problem! Nearly half of senior citizens around the world (42%) have established businesses that have been in operation for at least three and a half years.
But all is not perfect in the world of business ownership. Starting a business and achieving success as a business owner can only happen if there is market demand for the products or services you’re trying to sell, and unfortunately, 42% of businesses fail because of a lack of market demand. A lack of leadership and the right team can also spell trouble for a business, and 23% of businesses fail because they have the wrong people.
It’s not easy starting a business, but with the right knowledge, the right help, a lot of passion, and a willingness to work long and hard hours, you can do it! For most entrepreneurs, the benefits are just too great to give up!
The top reasons people start their own businesses include wanting more control over your work life, doing something you love, making a lot of money, and getting a sense of accomplishment. According to the data in the infographic, many people start businesses so they can pass their knowledge on to others and even to pass their businesses on to family members. For many entrepreneurs, owning a business is just to exciting and challenging to pass up.
Take a look at the data and tips in the infographic below so you get all of the information you need to start your own business.
Source: All Finance Tax