DON’T BECOME A STATISTIC
FIND WAYS TO REKINDLE YOUR FLAME!
Today you can search for just about anything on the internet and in today’s world, this is our go to source for information. While some statistics on small business and startups can be a bit scary for hardworking owners, it’s important to look at the facts, learn from other’s mistakes, and find your source of motivation. After all, you started this business from a passion deep within and giving in to failure statistics is not in the plan!
That said, here are some interesting stats in small business that BizQuack can help overcome. Fully utilizing the tools, resources, and support is a great place to begin your upward climb!
In January of 2017 ASU President Michael Crow predicted that technology will replace 30% of all current jobs within the next 10 years.
USA Today: “Automation could erase 73 million U.S. jobs by 2030
- There are almost 28 million small businesses in the US and over 22 million are self-employed with no additional payroll.
- Approximately 543,000 new businesses get started each month (but more employer businesses shut down than start.
- Nonemployers had average revenues of $44,000.
- 8 out of 10 entrepreneurs who start businesses fail within the firsts 18 months.
- Approximately 1,000 new businesses started each week
- Failure rate is between 8 & 9 out of ten.
General Startup Statistics (Smallbiztrends.com)
- 51 percent of owners of small businesses are 50-88 years old, 33 percent are 35-49, and only 16%are 35 years old and under
- While around 9 % of all American businesses close each year, only 8 % are opened.
Leading causes of small business failure (Smallbiztrends.com)
- Incompetence: 46%
- Unbalanced experienced or lack of managerial experience: 30%
- Catchall category (includes neglect, fraud and disaster): 13 %
- Lack of experiences in line of goods or services: 11percent
Commission sales people (which we consider small business owners)
- Ninety-Two Percent of all Insurance Agents fail: (insurance-forums.net)
- Eighty-seven percent of all agents fail in real estate: (Tom Ferry)
These small business facts are a few of the reasons why you should immerse yourself and fully participate in all the BizQuack has to offer. BizQuack is here to make sure you don’t become another statistic; reach out for help when you need it.
Advice and tips by Nick Petra – CFP, Mentor, and founder of BizQuack and StrategicDuck
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