These are hot questions being asked in today’s modern workplace. The answers to these questions--and more--can be found in the infographic below. It illustrates everything from global and US entrepreneurial statistics to the industries with the highest success rates.
Although there is no guarantee that your startup will succeed, keeping up-to-date with the latest trends and figures will keep you well-informed. It will also guide you in making adjustments for your new venture.
A Statistic Brain study revealed that incompetence is among the main reasons why small businesses fail. Another statistic shows that there’s only a 20% chance that your new venture will make it past the first year.
Despite these discouraging figures, many aspiring entrepreneurs still take the leap in hopes of finding success in the highly competitive market. Research shows that the startups that manage to stay afloat and find success share common characteristics.
Some of these include introducing the right product to the right market, learning from feedback, and having the motivation and the correct mindset to recover from setbacks.
Startups that fail, on the other hand, were plagued with issues they were unable to recover from. A few examples are: lack of market funds, an incompetent team, and poor marketing strategies, among others.
Although there’s no perfect formula when it comes to achieving entrepreneurial success, taking the important steps to keep your business current will help. Expanding your network and following the examples of established businesses may contribute to the growth of your startup.
In addition, you should know the political, economic and technological factors that are driving the newest startup trends and learn to quickly adapt. It might also help to monitor how the competitor is doing and identify where your business can improve.
For more startup facts and figures, check out SmallBizGenius’ comprehensive infographic below, which contains tons of current information about the entrepreneurial landscape in 2019.