10 Surprising Entrepreneurship Facts You Need to Know
As the world progresses, more and more people are looking to get into entrepreneurship. It’s a popular and exciting career path that can lead to freedom, financial success, and the satisfaction of creating your own business. However, there are several entrepreneurship facts that you may not already know. Here are ten surprising facts that you need to know if you’re considering becoming an entrepreneur.
Fact 1: A Majority of Entrepreneurs Start Their Business at Home
To start a business, you don’t need to have a warehouse, office, or shop. In fact, most entrepreneurs start their business right from their own homes. According to the Small Business Administration, over half of business owners start their business at home. This saves money on overhead costs, which is critical when starting a business.
Fact 2: Most Entrepreneurs Don’t Work Full-Time on Their Businesses
While it may be tempting to quit your day job and start a business full-time, research shows that most entrepreneurs don’t work full-time on their businesses. According to a survey by the Global Entrepreneurship Monitor, over 60% of business owners work a full or part-time job while running their business.
Fact 3: More Businesses Fail Than Succeed
Starting a business is risky, and not everyone succeeds. In fact, more businesses fail than succeed. According to Forbes, 80% of businesses fail within the first 18 months. However, failure doesn’t have to be the end. Many successful entrepreneurs have failed multiple times before succeeding.
Fact 4: Most Successful Entrepreneurs Have a Mentor
Having a mentor can make the difference between success and failure. According to a study by the UPS Store, 70% of small business owners who receive mentorship survive for five years or more, double the survival rate of non-mentored businesses.
Fact 5: Networking is Key to Entrepreneurial Success
Networking is essential to building a successful business. According to a study by HubSpot, 85% of jobs are filled through networking. The more people you know, the more opportunities will come your way.
Fact 6: Most Entrepreneurs are Self-Funded
When starting a business, funding is often a top concern. However, most entrepreneurs are self-funded. According to a study by the Kauffman Foundation, 86% of businesses are self-funded or funded by family and friends.
Fact 7: Women Entrepreneurs Generate More Revenue Than Men
While there is still a gender gap in entrepreneurship, women-owned businesses are thriving. According to a study by American Express, women-owned businesses generated $1.8 trillion in revenue in 2018, up 58% since 2007.
Fact 8: Entrepreneurship Can Improve Mental Health
Entrepreneurship can be stressful, but it can also improve mental health. According to a study by Gallup, entrepreneurs experience less stress, worry, and depression than people who work for someone else.
Fact 9: Entrepreneurs Are More Likely to Create Jobs
Entrepreneurs are job creators. According to the Small Business Administration, small businesses created 1.9 million jobs in 2018. This is why entrepreneurship is critical to the growth of the economy.
Fact 10: Successful Entrepreneurs Are Lifelong Learners
Successful entrepreneurs never stop learning. According to a study by Entrepreneur, 85% of successful entrepreneurs read two or more books on business or self-improvement per month. They are always looking to improve and grow their knowledge.
Conclusion
Entrepreneurship is an exciting and rewarding career path, but it’s not without its challenges. By understanding these ten surprising facts, you can prepare yourself for success and overcome the obstacles that may come your way. Remember, the most successful entrepreneurs are lifelong learners who are open to new ideas and opportunities.
