6 Things Every Entrepreneur Needs to Know

Written on Monday, 20 February 2017

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Nowadays with popular TV shows such as The Apprentice and Dragon’s Den, people may have rose tinted glasses when thinking about what it takes to become a successful entrepreneur. Unfortunately, it’s a harsh reality in the entrepreneurial world with 90% of all start-ups failing. If you’re thinking of starting your own business there are many factors that you need to take into consideration:

1. The Typical Entrepreneur

Research has shown that the average entrepreneur is 40 years old, 95.1% have a Bachelor’s Degree and 70% are married. It has also been found start-ups are more likely to succeed if they are owned by two founders as they raise 3 times as much money and on average are more likely to stay in business after 4 years.

2. What Are The Main Reasons for People Becoming Entrepreneurs

The main reason people want to be their own boss is money. It can’t be denied that if the business is successful it gives the opportunity for the owner to make a lot of money. This reason is followed by people wanting the flexibility to work how and when they please as well as having complete control over everything within the business.

3. The Top Reasons Start-Ups Fail

42% - No market need
29% - Ran out of cash
23% - Not the right team
19% - Get outcompeted
18% - Had pricing/cost issues

4. The Best Places to Start Up Your Business

Silicon Valley
New York City
Los Angeles
Boston
Tel Aviv
London
Chicago
Seattle
Berlin
Singapore

5. The Best Ways to Fund your Start-Up

Having your own savings is an excellent way to fund your start-up, however, in most cases personal savings don’t stretch that far. You need to think of different avenues to raise money. Nowadays, the most popular way of funding start-ups are through crowdfunding campaigns, investment from venture capitalists, bank loans/credit cards, government funding and from friends/family.

Are you an entrepreneur looking to nurture your new business? Follow our #StartMeUp campaign on Twitter @OregaOffices for your chance to win free office space at Orega. Stay tuned for further announcements!

 

business funding, entrepreneur, start-up

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