Many people dream of starting a business. But even in the best economic times, pursuing entrepreneurship has its challenges. With the current battle against the financial impacts of coronavirus, business owners are struggling, which is less than encouraging for new entrepreneurs.
Despite the current challenges, many industries can still find success during these difficult economic times. Some are discovering creative and innovative ways to manage obstacles. If you’re a new entrepreneur, don’t let today’s unprecedented situation deter you. Instead, listen to these ten statistics that will keep you motivated.
#1 The majority of US billionaires (62%) are self-made.
New entrepreneurs can rejoice, knowing that most of the billionaires in the US started where you are today. All their hard work paid off, and now they’re sitting pretty. But even if your goal isn’t to become a billionaire, you know that you, too, can create a successful future.
#2 Nearly all entrepreneurs (97%) say they would never go back to traditional employment.
Ah, yes, the sweet feeling of being your own boss. As the number one motivational factor for new entrepreneurs, almost the entire self-employed world shares this sentiment. Although success will take time, the satisfaction of being an entrepreneur takes shape quickly.
#3 About 54% of entrepreneurs make more money now than they did in the past.
Again, not all entrepreneurs hope to become billionaires in their future. However, you can rest assured knowing that most of those who chose to start a business have now earned more money. Your endeavors will most likely pay off in the long run.
#4 The rate of failure for small businesses has declined by 30% in the past four decades.
Entrepreneurship can be a risky endeavor, and not everyone reaches set goals or finds success. But in the past four decades, there’s been a significant decline in the failure rate amongst small businesses. The likelihood that you will succeed is looking better and better with each passing year.
#5 62% of small businesses don’t utilize any other staff.
Starting a business from the ground up can be intimidating. Once you get past the dream phase and begin to dive into the logistics, all the little details of entrepreneurship start to add up to one massive project. But remember that most small businesses choose to run solo, and there’s a chance that you have a solid plan that doesn’t need a huge team to be successful.
#6 The top industries for entrepreneurship are business and food.
Business and food industries are full of endless opportunities. If you don’t believe that, take a moment to imagine how many specialty coffee shops exist in downtown Seattle alone. There are too many to count, meaning if you build it, they will probably come.
#7 Only 9% of entrepreneurs earned a Bachelor’s Degree in Business.
Listen, you don’t have to have a degree in business or a hundred certifications. All you need to be a new entrepreneur is the heart and soul you already have for your business.
#8 The US is the best country for entrepreneurs.
If you’re planning to start a business in the US, then you’re already at an advantage. Other countries come in pretty close, but, statistically, the US sits at the top of the game. There are so many resources to help you get started, build your business, and find success.
#9 There are 582 million entrepreneurs in the world.
You’re not alone in pursuing entrepreneurship, meaning that you don’t have to reinvent the wheel to get started. Plenty of people have paved the way for you. But even with such a vast number of entrepreneurs in the world, you don’t need to be intimidated. It just means you get to join a large group of people who can help you along the way.
#10 For 69% of American entrepreneurs, they start their business at home.
Again, the logistics of starting your business can feel daunting: staff, payroll, rent, shipping, etc. But for most American entrepreneurs, those costs and details didn’t come until later. Most new entrepreneurs begin at home without all the complicated details. All you need to start is you and your passion.