By Hugh Beaulac
For a variety of reasons, more and more 9-to-5’ers leave a stable job to start up a business. While the number of aspiring entrepreneurs is growing, just a few of them are successful as impulsive decision-making isn’t a good idea when it comes to growing a business.
Although you might know startup benefits, it’s essential to be ready for challenges, and knowing them in advance means having a card up your sleeve.
Here comes a list of surprising stats about starting a business that can help you decide whether you’re ready to take the risks or not.
62% of U.S. billionaires are self-made.
If you believe that only those with money and luck are able to start a business successfully, we have good news for you. While many people think that most entrepreneurs inherited their businesses, almost 2/3 of U.S. billionaires are self-made. It’s a proof that you can build your business from zero and achieve success if you have a strong desire for it.
Draw inspiration from their success stories, and do your best to start up a business of your dreams.
39.2% of business owners have a bachelor’s degree or higher.
Believe it or not, 60.8% of entrepreneurs don’t have higher education. While practical knowledge and experience are a must, most universities and colleges give you nothing but a diploma.
After all, most business owners learn from experience and other people’s failures, and there is no value of a degree if you can’t use your theoretical knowledge. To succeed in entrepreneurship, stay determined and gain experience to start a business.
80% of entrepreneurs used their own money to fund their business.
Starting up a business, get ready for facing obstacles! Being an entrepreneur requires not only a lot of time and energy but money as well!
While you have options how to start your own business without money, you should be ready for investing into your business growth. Statistics proves that 4 out of 5 entrepreneurs fund their businesses. Knowing the cost of launching your biz is a must as it allows you to avoid running out of funds before yielding huge dividends.
One in five entrepreneurs work 60+ hours per week.
If you have to choose between career and family, what would you choose? Keeping a work-life balance is hard, and it’s getting even harder if you start up a business that requires being result-oriented. Many people give up on the idea to launch a biz as they don’t want to sacrifice the personal life.
Recent surveys prove that running a business doesn’t mean working extra hours. Just 1 out of 5 entrepreneurs works 60+ hours a week. When starting up a business, it’s you who is in charge of your work process, so you create a schedule that works well for you. Don’t be afraid of working hard as it pays off!
First-time entrepreneurs only have an 18% chance of succeeding.
It’s harsh, but true: aspiring entrepreneurs have difficulty in running successful businesses. However, don’t give up as learning from failures is important. Moreover, you can’t reach your full potential until you try.
Being a successful entrepreneur means dealing with obstacles, so it’s you who can increase the chances of succeeding if you put effort into growing your business.
Just 11% of businesses fail due to a lack of experience.
Even if you don’t have much experience in running a business, don’t be upset! Most startups fail due to the incompetence to develop a strategy and a lack of management. Thus, being an inexperienced businessman isn’t a problem. While having practical experience is a question of time, you can use theoretical experience if you learn from other people and read about pitfalls that can be waiting for aspiring entrepreneurs.
29% more earnings are waiting for STEM workers.
Due to current technological changes, STEM workers are in a demand, and launching a STEM business can be worth trying.
Although various billionaires approve that STEM education can bring you sky-high, don’t be upset if you don’t have a STEM degree. Living in the digital era, you can obtain knowledge without attending lectures as you can learn on the go by signing up for MOOCs or other online courses.
Knowing the odds of success is important when it comes to launching a business. The above-mentioned statistics can motivate people to set foot in the entrepreneurship.
So, are you ready to start a business?