These Business Statistics Will Shock You

Why some businesses fail and others succeed. Here’s the most up top date statistics about new businesses and why they fail.

Business Statistics for 2023

• 50% of business fail with the first 5 years

• The average founder is 42 years old

• There are 32.5 Million businesses in the US

• The #1 reason businesses fail is become of No product market fit

• There are 582 Million Entrepreneurs Globally

• On average Entrepreneurs only use 10K to start there business

• Around 50% of businesses are home based

Entrepreneur Statistics

• 11.9 million US businesses were women-owned in 2017.

• Millennials start 12% of all businesses. Generation X owns 44% of businesses and Boomers 41%. The silent generation owns 2% of businesses.

• 34% of small business owners have a high school degree. 28% have a college degree.

In 2020, the most profitable industries in the US were

• Banks

• Financial Services

• Transportation

• Investments and asset management

• Software

• Real Estate

• Information Services

• Pharmaceuticals

Business success rate

• 58% of successful entrepreneurs spend time with their loved ones in the evenings. 55% keep their weekends free for loved ones

• 55% of successful entrepreneurs keep weekends free

• 97.6% of the founders of the most valuable brands were founded by men

• 45% of the most valuable brands are in the tech industry. 10% are in clothing, 10% in food, 10% in telecommunications. 5% are conglomerates, 5% in transportation, 5% in financial services, and 5% in retail. 

• 60% of the 20 most valuable brands started out as self-funded ventures. 

• There are 585 dollar billionaires in the US. 55.8% of them are self-made.

5 Tips for Businesses

1. Create unique content

2. Automate thing as much as possible

3. Cut Costs

4. Study the competitors

5. Subscribe to Millionaire Syrup