For a long time the entrepreneurship narrative has been “your network is your net worth”. Start a new business with a ‘great’ idea, some hard work and some luck, and you will undoubtedly become a successful entrepreneur and earn yourself a place in the millionaire club.
Statistically, this is grossly incorrect, for the most part.
In the current landscape, social media marketing and the general narrative says we can all have a slice of the pie. Easier than it has ever been, yes but, culturally, we grossly underestimate the reality of how these successes come to be.
A few business statistics to clear the air…
- The average age of a successful entrepreneur is 50 years old and older. Move over your headline stories of outliers.
- Most successful entrepreneurs are educated to university level.
- Diversity in income streams is key to achieving business success. Don’t ignore the opportunity of a multichannel revenue model.
- On average, most successful businesses will be faced with the threat of bankruptcy at least 3.5 times before reaching their tipping point.
- The average business takes 10-15 years to reach profitability.
- Approximately 60% of the world’s population of millionaires are entrepreneurs/business owners.
- On average, successful entrepreneurs work 50+ hours per week consistently on their careers.
I hope this information encourages you to start your new business and change your life today!