Insightful Statistics to Help You Navigate the World of Entrepreneurship

Image: www.smallbizgenius.net

Insightful Statistics to Help You Navigate the World of Entrepreneurship

By: Karthik Reddy 

Bridging the gap between science and entrepreneurship can be challenging, but it certainly isn’t impossible. Scientists looking to venture out into the world of business will learn that success in this field requires just as much time, effort, and determination as to their research and innovations. 

However, business demands more than just a brilliant idea. Creating innovative work which benefits humans is quite different from making money off of them. In order for your product or service to make it, you must make sure that it meets customers’ needs. 

Many scientists are bad entrepreneurs

It probably doesn’t come as much of a surprise that many scientists are bad entrepreneurs, but this can be changed. A good place to start is learning all about startups and the difficulties you might be facing in the industry where you belong. 

The folks at SmallBizGenius have gathered more than 80 startling statistics about startups that will give you ample insight and help you navigate this ever-evolving landscape. Here are just a couple of statistics: 

 In 2017 alone, there were a staggering 582 million entrepreneurs all over the world.

It is projected that 70% of these startups won’t live to witness their 10th anniversary.

84% of entrepreneurs started their business out of choice rather than necessity.

The most common reason why businesses fail is because of incompetence.

Image: www.smallbizgenius.net

Starting a business, whether big or small, entails challenges. For one, there is the question of funding. You also need to know how to go about building a viable business model and growing a strong customer base.

Scientists and inventors are used to working in complicated settings, and the world of business is no different. One way to look at it is as a set of hypotheses to be put to the test, figuring out what works and what doesn’t. Now focus this hypothesis on your target customers’ needs. What are you trying to build? How can it benefit them? 

Take a look at the infographic below and find out more about startups to help you prepare for the journey ahead. 

Infographic URL: 
 
 
Image: www.smallbizgenius.net
 
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Karthik Reddy
About Karthik Reddy 1 Article
Karthik Reddy, Community Manager, is the author of India’s Number 1 travel blog. Boasting an MBA in computer science, he once decided to get away from the office desk life and take a breathtaking journey around the world. He is eager to use the power of the global network to inspire others. A passionate traveler and photography enthusiast, he aspires to share his experiences and help people see the world through his lens.

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