5 Surprising Entrepreneurship Facts You Need to Know
Entrepreneurship is a journey that requires courage, determination, and a willingness to take risks. It’s a path that many aspire to but few pursue. In this blog post, we will delve into five surprising entrepreneurship facts that you need to know.
1. Most Entrepreneurs Start At Older Ages Than You Think
The popular belief is that entrepreneurs are young graduates straight out of college. However, this is far from the truth. According to a study by the Kauffman Foundation, the average age of successful entrepreneurs in the US is around 40. In fact, more than a quarter of new entrepreneurs are aged 55-64, and a significant number are aged over 65.
This goes to show that entrepreneurship isn’t just a young person’s game. Experience and a well-rounded skill set are crucial to building a successful business. As the saying goes, “age is just a number.”
2. Failure Is A Stepping Stone to Success
While it may sound cliché, it’s true that failure is an inevitable part of entrepreneurship. In fact, many successful entrepreneurs have faced multiple failures before reaching their breakthrough. For example, Vera Wang failed to make the US Olympic figure skating team and later failed to secure the editor-in-chief position at Vogue. However, she went on to build an illustrious fashion empire.
The key takeaway is that failure teaches valuable lessons and enables entrepreneurs to make better decisions in the future. Instead of giving up, entrepreneurs who fail can use these lessons to pivot and improve their business ideas.
3. Entrepreneurs Are More Likely To Have ADHD
Recent studies have found an unexpectedly high correlation between entrepreneurship and ADHD (Attention Deficit Hyperactivity Disorder). In fact, ADHD is three times more common among entrepreneurs than the general population.
While ADHD can be challenging to manage, it also comes with unique advantages such as heightened creativity and the ability to think outside the box. Successful entrepreneurs like billionaire Richard Branson and JetBlue founder David Neeleman have openly discussed their ADHD and how it has helped them in their entrepreneurial journeys.
4. Self-Funding Is The Norm
Many people imagine that entrepreneurs rely on investors or loans to fund their businesses. However, the reality is that most entrepreneurs self-fund their businesses or use personal savings and credit cards to get started.
In a recent survey by Fundable, just 0.5% of startups are funded by angel investors or venture capitalists. This goes to show that entrepreneurs who are passionate and committed can bootstrap their businesses and achieve success without relying on external funding.
5. Entrepreneurship Is A Lonelier Journey Than You Think
Entrepreneurship is often associated with networking events, conferences, and meetups. While these events are valuable for building connections and learning from peers, entrepreneurship is still a lonely journey. The day-to-day task of building a business falls heavily on the entrepreneur’s shoulders, which can lead to feelings of isolation and loneliness.
However, it’s essential to remember that entrepreneurship isn’t a solo undertaking. Surrounding yourself with supportive friends, family, and mentors can help you stay motivated and continue to push forward.
In conclusion, entrepreneurship is full of surprises and challenges. By being aware of these five surprising facts, entrepreneurs can build stronger businesses and overcome obstacles on their journey.
