The number one reason most entrepreneurs don’t start their own business is because of funding or lack thereof. Entrepreneurs spend an average of $70,000 to start a business, while only 30 percent will last three years and 50 percent will fail after five years.
Finding sources of funding can be a real hassle, but in the US, small businesses generated $7.8 trillion in revenue, and up to 80 percent of all new jobs were created by startup companies. Don’t let the figures about failing deter you from pursuing your dreams. Just find innovative ways to finance your business.
This infographic from MBA in Finance takes a closer look at innovate ways to finance a startup business:
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Entrepreneurs spend an average of $70,000 to start a business Tweet this
30% of startups will last 3 years Tweet this
50% of startups will fail after 5 years #failures Tweet this
69% of startups will fail after 7 years #failures Tweet this
46% of startup failures are caused by incompetence and lack of funding Tweet this
Angel investment and venture capital make up only 6% of funding #funding Tweet this
There are approximately 600 crowdfunding platforms throughout the world Tweet this
In the US, small businesses generate $7.8 trillion in revenue Tweet this
Up to 80% all new jobs are created by small businesses Tweet this
Small businesses employ 42.7 million people Tweet this