Engineer, Lawyer and doctor titles are outdated and people love to have a title such as an entrepreneur, startup founder, tech entrepreneur etc, this change came with the technological advancement, startups and startup founders are enjoying money and fame they never ever imagined, however, not all the startups are hitting the mark and not all the entrepreneurs are getting quick rich, we found some startup statistics and numbers which are not only interesting, these stats and numbers are really a lesson which cannot be taught at any university.
surprisingly, Startups and tech life are not for young people as most thinks, 51 % of owners of small businesses are 50-88 years old, 33 % are 35-49 and only 16 % are 35 years old and under.
According to smallbiztrends.com, a bit more than 50 % of small businesses fail in the first four years
- 4 % made it to the second year
- 3 % made it to the third year
- 9 % made it to the fourth year
- 3 % made it to the fifth year
The top reason for the startup failure is ” NO MARKET NEED “, a whopping 42% of the startups failed due to No market need and followed by 29% failure due to run out of cash.
Startup failure rates vary in every industry, small biz trends reveal that Finance, Insurance and real estate related startups have the lowest failure rate of 42%.
UBER is the highest valued startup (USD 72 Billion) worldwide as of August 2018, followed by DIDI CHUXING (USD 56 Billion)
According to innovationexcellence.com, Two founders, rather than one, significantly increases the odds of success. they can raise 30% more investment, grow customers 3 times as fast, and will be less likely to scale too fast.
More importantly, 90% of the successful startup owners revealed that the reason for their success is that they started the business without any second thoughts or fear of failure. so if you have an idea and want to start a business, just go ahead and start, you are more likely to succeed.