The Shocking Truth about Entrepreneurship
Are you fascinated by the world of entrepreneurship? Do you aspire to become an entrepreneur yourself? If yes, then you must know the facts and figures that encapsulate this world. Entrepreneurship is not just about being your own boss; it demands hard work, dedication, and resilience. In this article, we will delve into the top five shocking statistics that every aspiring entrepreneur should know before starting their journey.
Entrepreneurship is on the Rise
Entrepreneurship is no longer just a buzzword; it is now a reality. The number of entrepreneurs has been on the increase globally. As per a report by Global Entrepreneurship Monitor (GEM), around 100 million entrepreneurs start businesses each year. That’s equivalent to 11,000 new businesses per hour. This shows that entrepreneurship is a thriving sector, with more individuals willing to take a chance on their ideas.
Entrepreneurship is a Tough Nut to Crack
Entrepreneurship may seem glamorous from an outsider’s perspective, but it is no cakewalk. In fact, in the United States, 80% of new businesses fail within the first 18 months, according to Bloomberg. Shocking, right? There are several reasons for this, including a lack of market demand, inadequate funding, and poor management. Hence, it is important to develop a solid business plan, conduct market research, and have sufficient funds before embarking on the entrepreneurship journey.
Entrepreneurship Has a Gender Disparity
Did you know that men are more likely to become entrepreneurs compared to women? According to the same GEM report mentioned earlier, the entrepreneurship rate for men was 10.5%, whereas for women, it was only 6.2%. This shows that there is still a gender disparity in entrepreneurship. In addition, the report also stated that female entrepreneurs face more difficulties in terms of obtaining business financing and mentoring.
Entrepreneurship is Innovating Us Forward
Entrepreneurship plays a significant role in driving innovation and technological advancement. According to the Global Entrepreneurship Index, countries with higher entrepreneurship activity had more developed economies and technological progress. Take Uber, for example, which revolutionized the transport industry. Or Airbnb, which disrupted the hotel industry. Hence, entrepreneurship not only helps individuals but also has a broader societal impact.
Entrepreneurship is a Young Person’s Game
Entrepreneurship is not limited to one age group; anyone can aspire to become an entrepreneur. However, as per the GEM report, the majority of entrepreneurs are between the ages of 25-44 years. In fact, only 1.8% of entrepreneurs are over the age of 65. This shows that entrepreneurship is a young person’s game, where individuals are willing to take risks and try new things. However, it’s never too late to start your own business, and many successful entrepreneurs started in their later years.
Conclusion
Entrepreneurship is not for everyone, but for those who have a passion for it, the rewards can be significant. As we have seen, entrepreneurship demands hard work, resilience, and dedication. But it can also be immensely satisfying, both on a personal and societal level. Every aspiring entrepreneur should know the facts and figures that encapsulate this world and be prepared to tackle the challenges head-on.
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