With the state of today’s job environment, the notion of entrepreneurship is becoming increasingly attractive. However, knowing where to begin and what to expect are two of the main concerns facing would-be entrepreneurs. The infographic below will give you a good idea of the current entrepreneurial world. We’ve summarized some of its key takeaways here:
- Entrepreneurship is a good idea if you love learning and don’t want to conform to the 9–5 lifestyle. The top 2 reasons why people want to start a business is:
- For the money
- To be their own boss
- 1 in 18 people own a business, and less developed countries tend to be more entrepreneurial.
- The proportion of women-owned businesses is increasing; the top 3 countries for female entrepreneurs are: the USA, Canada and Australia.
- A typical entrepreneur:
- Is around 40 years old
- Has a bachelor’s degree
- Is married
- Has spent several years working at other companies
- Software, media/entertainment and biotechnology make up the top 3 funded industries. The best startup ecosystems are in Silicon Valley, New York City and Los Angeles.
- Most startups are self-funded, but other funding sources include: crowdfunding, venture capitalists and government funds.
- The average startup founder earns less than $50k a year and works 66 hours a week. The most successful startups usually have two founders.
- Most startups (90%) fail, mostly due to:
- No market need for the product/service
- Running out of money
- Not having the right team
- Co-working (sharing working spaces) is a fairly new concept whose popularity is on the rise.