The startup landscape has experienced many drastic changes, and over the years, it can be described using some rather discouraging figures. According to statistics, 20% of new businesses fail in the first year, while 75% of capital-backed businesses never reach success.
Those numbers are enough to put off aspiring entrepreneurs from achieving their dreams, and yet global statistics reveal that many are still taking the leap with 0.33% of the global population starting a new business every year. In 2017 alone, there were approximately 582 million entrepreneurs around the world.
Furthermore, 2018 data shows that health, financial services, and consumer products and services were among the industries with the highest success rates.
The type of industry isn’t the only factor that would-be entrepreneurs should take into account when launching a startup, though. Everything from age and gender to lifestyle choices plays an integral role in determining your venture’s success rate.
It’s worth noting that more than half of the total number of small business owners are between 50 and 88 years old and that 2013 also saw 42% of senior citizens who still work are established business owners.
Additionally, stats suggest that tech companies run by women generated a 35% higher return on investment than those run by men.
Most of the startups are based in the US, but this country doesn’t have the highest level of entrepreneurial activities among the adult population.
That spot belongs to Uganda, which boasts an impressive 28.1% of the adult population working as entrepreneurs. Thailand takes second place with 16.7% and Brazil takes the third spot with 13.8%.
Compiled data reports also reveal the ideal places where you could nurture your small business. Melbourne, Austin, Stockholm, Toronto, and Berlin are listed as some of the most startup-friendly.
In the US, Chicago’s startup scene has a diverse small business community where you could surround yourself with like-minded professionals and potentially get the support your venture needs.
To learn more interesting facts and statistics, check out the infographic created by the team at SmallBizGenius.