In the latest Gallup-Healthways welfare index, 34 percent of employers reported that they were worried and 45 percent said they were stressed, both higher than other workers. Engineering and IT contracting is competitive, and it's easy to lose top talent to carry out crucial projects. Work with Apollo Technical and you'll get the best IT and engineering talent. We specialize in IT engineering, so you'll be working with people who know the ins and outs of engineering and IT staff.
Don't miss your next career step - Apollo Technical has offices throughout the Southeast, Mid-Atlantic, Texas and the Midwest, ready to help you better hire or find your next IT or engineering job. Entrepreneurship is a courageous career that requires determination, hard work and trust. It carries significant risk and a small chance of success. To be successful, it's important to know the facts before you dive in - statistics are a great way to understand what you're getting into.
People turn to entrepreneurship for many reasons - 29% want to be their own boss, 20% are dissatisfied with US companies, and 16% want to continue with their passions. According to the Bureau of Labor Statistics and Guidant Financial, about 20% of companies fail in the first year and 50% fail in the first five years. The most common reason for failure is that there is no market for their product or service (42%), followed by insufficient capital or cash flow (29%) and poor teamwork and communication (23%). To stand out from the crowd, make sure you offer a product or service that people need, understand your finances, and create an environment of teamwork and camaraderie.
The top three challenges for entrepreneurs (excluding COVID) are insufficient capital or cash flow (23%), hiring employees (19%) and marketing (15%). To be successful, 38% of entrepreneurs said self-discipline was key, followed by communication skills (37%) and passion/drive (34%). Interestingly, women entrepreneurs said people and communication skills (37%) were the most important factor for success, followed by self-discipline (34%) and money management skills (30%). College degrees aren't as important to entrepreneurs as regular employees - according to Guidant Financial, about 30% of entrepreneurs only finish high school, 31% have an associate's degree, 17% have a bachelor's degree, 18% have a master's degree, and 4% have a doctorate.
There are 252 million women entrepreneurs in the world - although more women are becoming entrepreneurs, currently only 27% of small business owners in the United States are women. According to National Business Capital and Services (NBCS), 40% of small businesses make profits. Around 30% break even, while 30% lose money. There are many ways in which a company can receive funding - according to Guidant Financial, the most popular method in the US is rollovers as business startups (ROBS) at 13%.
After that, entrepreneurs trust their friends and family (10%), use unsecured loans (9%) or use a US Small Business Administration Loan to Start.