Being an entrepreneur or small business owner can often be the most difficult thing that a person does in his or her life. To be a successful business owner is even tougher. This infographic is courtesy OnlineMBA.com.
Interesting statistics include:
- Since the mid 90s, small businesses have created 60-80% of new employment
- The average technology entrepreneur has a middle-class background, parents are less educated than they are and a spouse and children when they launch their first business
- Historically: First-time entrepreneurs have less than a 10% chance of success. Those who have previously field have a 20% chance of success.
- The biggest source of funding for all businesses is equal to the company founders’ personal savings: 70% said they used personal savings as the main funding for their business.
- 98% of successful small business owners feel potential entrepreneurs are only held back by: A fear of trying and failing