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Despite the many recent statistics revealing figures that can discourage even the most driven individual, thousands of startup hopefuls still have a notion that they can leap into the world of business and take the seamless road to success.
But here’s a dose of reality — approximately 90% of new startups fail, and there’s no guarantee that yours will be included in the remaining 10%. Blame it on the exceedingly competitive market or other factors such as economic uncertainty, a decline in customer spending, & regulatory burdens, among other challenges.
The late 1990s & early 2000s gave way to the establishment of a number of Internet-based companies called the “dotcoms.” These companies’ stock exchange value skyrocketed, which ultimately led to the Great Expansion. This decade saw the rapid rise of global venture deals & capital, with deals increasing by 73% & the amount of capital invested amounting to 231%.
The startup ecosystem has now gone global, with the top 5 cities — San Francisco, Beijing, New York, San Jose, and Boston — leading the pack as they account for almost 50% of the total venture capital investments globally. Launching your small business in one of these startup-friendly cities is your safest bet.
Searching for a spot where you can potentially grow your business is not the only factor that you should take into account. These interesting facts might also pique your interests:
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2015 saw companies founded by a team outperforming companies with a single founder by 163%.
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U.S. startup statistics reveal that 9% of all businesses close every year while 8% open new ventures.
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2018 startup statistics listed health, financial services, & consumer products and services as the industries with the highest success rates.
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84% of entrepreneurs launch their small businesses by choice, not out of necessity.
Check out the infographic below by the folks at SmallBizGenius for many more startup stats.
