The more you interact with entrepreneurs, the more likely you are to become one.
The biggest challenge in our lives is lack of information. Because essentially, once we learn something, we no longer fear or avoid it. It’s as common as overcoming your fear of public speaking through public speaking. Once you get over that fear, you can’t stop the conversation. The same may be said of entrepreneurship. It seems like the less you know, the less you can become an entrepreneur. But if you spend all day with entrepreneurs, travel with them, and eat with them, you’ll start to see entrepreneurship in a new light.
Here’s an interesting article by NorthOne, a business banking platform, that compiles various statistics and insights on entrepreneurship that you might be interested in. This author will highlight only some of the interesting highlights of the article.
There are more entrepreneurs than you think. Globally, there are approximately 582 million entrepreneurs. We have everything from small mom-and-pop businesses to thriving corporations. There are approximately 31 million entrepreneurs in the United States. Given Gen Z’s interest in entrepreneurship, that number is sure to increase in the coming years.
You don’t need venture capital investors. Contrary to popular belief, only 4% of entrepreneurs raise money from investors to start their companies. The rest comes from personal funds, side jobs to generate cash, family and friends, and even bank loans.
No university education required. Only 44% of all entrepreneurs have a college degree. But a college degree isn’t necessary to get promoted or start your entrepreneurial adventure. In fact, less than half of small business owners have a college degree. When it comes to entrepreneurship, education is key right now. The ability to recognize a problem, create a unique solution, acquire customers, and build a profitable company is key. Oh, and lots of gravel.
Most startups fail. Not exactly. 42% of startups fail in their first two years, but not through entrepreneurial effort. The problem is, they shouldn’t have been created in the first place. These basically didn’t solve the customer’s real problems. So please don’t do that. Solve real problems in markets with real customers.
Highly paid employees are happier than entrepreneurs. wrong. A 2023 Wall Street Journal article states that up to 70% of employees are dissatisfied with their jobs. Balance this out with his 75% of entrepreneurs who say they are satisfied with their job as a founder.
Starting a small company is too expensive. not much. It all depends on your skill set and ability to successfully manage freelancers and contractors. It also depends on the business model of how you deliver your product or service. If you need a lot of labor to begin with, think carefully about the business model for this type of company, as labor is probably your biggest expense.
You need to build an AI-based company to succeed. necessarily. Looking to the future, following his twin trends of Gen Z in personal care and the aging Baby Boomer generation, we see significant growth in the personal care and healthcare industry for the foreseeable future. I understand.
You weren’t born to be an accountant. Or biotech researchers, bankers, marketers, financial analysts, etc. So what do you want? 60% of entrepreneurs start small businesses because they want to be their own boss and create something they can call their own. There are good reasons to start your own small business. But for the majority of entrepreneurs, the reason is simple. They want to be in charge, make their own decisions, and be accountable.
Becoming an entrepreneur is not as difficult as you think. Recall that there are 31 million entrepreneurs in the United States. Therefore, it is not unique. What is unique may be the mindset that is currently holding you back. You should connect with entrepreneurs, talk to experts about your interests, or start a side hustle to test something. You were not born to do what you are doing today. So what do you do?
