Survey on Entrepreneurship

Survey on Entrepreneurship

žNearly 60 percent of the current and former small business owners surveyed said spending time with family in the evenings is crucial to their effectiveness as business owners, while 53 percent think it’s important to keep their weekends free for loved ones.

žSuccessful entrepreneurs aren’t afraid to ask for help. The research revealed that one-third of successful small business owners have turned to mentors, family or advisers for support.

žWorking for yourself doesn’t mean you have to go it alone.

žSurvey  found that small business owners have a greater chance to succeed by selling a service.

žNearly 60 percent of businesses surveyed that were selling mostly services survived, compared to just 19 percent of businesses that focused on selling products.

žMarketing also separates successful small business from those that fail. The research discovered that nearly half of surviving small businesses invest money in marketing campaigns

žOverall, small businesses today rely on technology to succeed more than ever. Nearly half of those surveyed use business apps, with 32 percent using mobile-payment technology.

žsmall business owners need to keep a positive mindset, even in the face of adversity.žThe research shows that the majority of entrepreneurs are more likely to see failure as a good thing, learn from mistakes and want to try again. Specifically, 71 percent of entrepreneurs who had a business that didn’t survive described that experience as a positive.

ž56 percent of the entrepreneurs surveyed said they feel like they can never be away from their business, while 51 percent don’t have time to focus on themselves.

žA significant chunk (58%) of entrepreneurs had started their businesses between the ages of 20 and 30, interestingly, 25% had started up even before turning 25, that is, probably before holding a job or a very short time after holding one.

žBangalore led all other in the presence of women entrepreneurs, while as expected other metros such as Chennai, Mumbai, NCR, Hyderabad and Pune accounted for the bulk of the rest.

žDespite falling commodities prices and an uncertain global economic scenario, a recent survey has shows that 82 per cent of all respondents globally and 75.8 per cent respondents from India have reported a willingness to start a new business in their current economic environment.

žProfessional services, IT/ITES, Apparel/ accessories, Food & Beverages are the four major sectors in which women own businesses.

ž The opportunity to work more creatively and the perceived benefit of being one’s own boss were the top reasons chosen.

ž60% of women entrepreneurs started their business with a capital of under Rs.1,00,000, and personal funds and savings were used to start the business in a majority of cases.

žOwning a small business can also be a drain on your finances. The research discovered that 41 percent of entrepreneurs have all of their money tied up in their business.žIn addition to the sacrifices they make, small business owners face a variety of challenges. Because most small business owners are in charge of everything from sales, marketing and operations to customer relations, payroll and accounts payable,

žThe entrepreneurs surveyed think the struggle of having to wear so many different hats is the most difficult part of their job.

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