In the spirit of entrepreneurship, 83.1% of business owners started their own companies from the ground up. A much smaller percentage (11.3%) bought their businesses, while 7.2% inherited or received them as gifts. Recent research has revealed that entrepreneurs are actually happier than those in white-collar jobs. A study conducted by researchers at ETH Zurich found that entrepreneurs display more positive and fewer negative emotions on social media.
The Global Entrepreneurship Index (GEI) is a numerical representation of the environment a country creates for the development of small businesses. Statistics on female entrepreneurship show that for every 100 women of working age, there are approximately 8 small businesses owned by women. By focusing on this important business challenge, entrepreneurs can have a major impact on their success rate. Canada also has straightforward start-up processes for potential entrepreneurs: only two days without delays, while Australia does so in three. This index is based on factors such as social and economic infrastructures that foster environments to cultivate entrepreneurship.
It's important to note that the rate of business failure has never been lower, with only 20% of companies closing after a year. While it's reassuring to know that entrepreneurial stress probably won't necessarily hurt your health and happiness, it's also important to remember that these findings aren't just a reason for founders to gloat. To understand what percentage of entrepreneurs are successful, let's take a step back to consider what success means for different types of businesses and look at the most recent data available. It gives entrepreneurs the autonomy to conceive, launch and lead their next big venture. This is because many entrepreneurs do it out of necessity rather than doing it on their own after telling the boss to take this job and shove it.
On the other hand, the percentage of entrepreneurs who bought their business is significantly lower, at 11.3%, while 4.4% received their business as a gift or through transfer of ownership. The business success rate is higher for entrepreneurs who had previously worked in jobs in their industry. A quarter of entrepreneurs cannot find qualified staff, while 39% say they have jobs they cannot fill. Similarly, 43% of surveyed employees found in the statistics on entrepreneurs say that career change is a great motivator to move away from traditional employment.