I want to share this infographic today because it has a lot of good information. I like some of the surprises in some of the numbers. The credit is down at the bottom. I don’t think every detail here is true (I don’t believe startup failure statistics demystify business failure statistics) I do think the research is sound and the numbers a good reminder, in several points, of the realities of worldwide entrepreneurship.
(Infographic courtesy of dealsunny.com)
Great infographic! Thank you for sharing! I totally disagree with the reasons for startup failure. Especially “no market need”, I see that as a cop-out or a reason to quit. If that is the reason, perhaps you are starting for the wrong reason. How you frame your perspective around your business is SO important. If you are starting up for the money, you will eventually fail because the focus is on money. When you startup for impact, the focus is always on value. Those who cannot make the mind shift often fail. Those who work to shift usually stay the course. The new economy is finally shifting to “we all win” mentality. At least in my world. 🙂
Thanks Susan, I appreciate the addition. Well said.
Great stuff! Definitely agree that “too much competition” is a key factor contributing to a failed startup. I’m an affiliate for an app development company about to go live with a sports app. Whenever I talk about the app, more often than not, I get asked “Oh, this is fantasy football, right?” Ummm….NO! There’s already a plethora of sites and apps people can go to for that; why would we want to be a copycat?
Thank you for sharing these wonderful collections of infographics related to entrepreneurship. It contains a lot of interesting facts and information with different-different terms and factors from the world of entrepreneurship.