The Stats And Facts All Entrepreneurs Need To Know
All entrepreneurs are in business to innovate, grow their business, activate change and create an impression in the marketplace. So what role do statistics and facts play in the success of an entrepreneur?
There are stats and facts about everything. If you are into your fitness and love to go out running, then you will know that there are lots of stats you can use to influence your training, such as pace and cadence. All entrepreneurs should know hw this relates to business too.
Stats and facts are also important in the kitchen too, as many recipes require you to replicate them in your baking and cooking.
So, it’s fair to say that these nuggets of information are important in pretty much every walk of life. This is even more important when it comes to the business growth of all entrepreneurs.
In fact, there are so many different stats and facts that people have discovered or created with regards to how companies work. These have become a great aid for all entrepreneurs and business owners. Discovering them and taking note of trends will be a positive influence on how you run your own company.
Want to know what some of the main stats and facts that all entrepreneurs need to know are? Read on to find out more!
50% Of New Businesses Fail Within 4 Years
This may sound like quite a scary fact, but it’s still an important one to be aware of. Around half of all new companies will fail within their first four years.
Of course, you won’t want yours to fall into that category, so it’s necessary to look into why so many are closing so early on.
For around 20%, the reason is that there is just too much competition for them to be able to compete successfully. So, before you do open a new business, it is important to research any competitors and to make sure that there will be space for your new business in the current market.
Another 20% of businesses end up shutting their doors because of money issues. If you don’t have the necessary capital to fund a business before you start, then there isn’t any point in launching in the first place, as it will be very hard to find sufficient investment once you begin your operations.
80% Of All Entrepreneurs Don’t Need Investment
When you are in the process of setting up your new company, I’m sure that one of the first things you will want to figure out is how you are going to fund the new business.
You might think that most new company owners will be reliant on investors funding their enterprise. That isn’t always the case, though. In fact, around 80% of all entrepreneurs will have funded their business on their own, usually out of their own savings.
This can be very easy to do as long as you give yourself enough time to save up before the launch of your company. It’s also worth getting some accounting management services on board so that they can keep an eye on your finances while you are busy with your company’s main operations and processes.
Don’t worry if you can’t completely fund your business idea with your savings alone, though. It’s still perfectly alright to top up your savings with an extra business loan, just as long as you aren’t too reliant on this financing.
If you do start to rely on too many loans, you could find that your company starts to spiral into debt quite quickly.
Over A Third Of All Entrepreneurs Work Over Full-Time Hours
If you think that life as an entrepreneur is going to be an easy one, you might want to think again! Generally speaking, most company owners are very busy people. One surprising stat even shows that over a third of all entrepreneurs work over the standard 40 hours of full-time work per week.
So, before you do dive straight into your own business and working for yourself, you need to ask yourself whether or not you will be able to handle all of these hours.
Even though some business professionals think they will be able to cope with long working hours, they eventually find them to be very stressful.
As a result, they often find that all this extra stress has a very negative effect on their physical and mental health. Of course, there are ways to lessen all the hours you will need to work, such as by bringing more staff into your company.
Don’t forget, though, that the first couple of years of a business’s life are usually its busiest, so your workload should start to calm down once the company starts to mature.
Are you still keen on becoming an entrepreneur?
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