Entrepreneurship Is a High-Stakes Game. Know Your Odds Going In. (Infographic)
Failure is part of entrepreneurship.
Only about a third of all new companies last a decade, according to this infographic generated Intuit, a tax preparation software company. About 6 in 10 startups last the first three years.
Despite a steep failure curve, entrepreneurship is a job-creation goliath in the U.S. economy. That’s because lots of people -- almost half a million each month in 2013 -- launched their own business. And of all new jobs generated in the U.S., 70 percent come from those upstart businesses.
Related: Dreams of Being a Billionaire? Get Your Entrepreneurial Hustle On.
So, where are these millions of startups getting the cash to give entrepreneurship a go? Most of them are saving it; 90 percent of startups are bootstrapped. While venture capitalists hold a lot of weight in tech epicenters like Silicon Valley, only 1,500 startups were funded by venture capitalists in 2013, according to the infographic. Another 50,000 got financial help from an angel investors.
Have a look at the infographic below for an overview of how many Americans are starting their own businesses and how they are funding them.
And, for a bit of motivation for the big-time dreamers, there’s also data on how quickly the most successful, multi-million dollar tech startups grow just before they go public.
Related: Everything You Need for a Winning Crowdfunding Campaign (Infographic)