Nowadays with popular TV shows such as The Apprentice and Dragon’s Den, people may have rose tinted glasses when thinking about what it takes to become a successful entrepreneur. Unfortunately, it’s a harsh reality in the entrepreneurial world with 90% of all start-ups failing. If you’re thinking of starting your own business there are many factors that you need to take into consideration:

1. The Typical Entrepreneur

Research has shown that the average entrepreneur is 40 years old, 95.1% have a Bachelor’s Degree and 70% are married. It has also been found start-ups are more likely to succeed if they are owned by two founders as they raise 3 times as much money and on average are more likely to stay in business after 4 years.

2. What Are The Main Reasons for People Becoming Entrepreneurs

The main reason people want to be their own boss is money. It can’t be denied that if the business is successful it gives the opportunity for the owner to make a lot of money. This reason is followed by people wanting the flexibility to work how and when they please as well as having complete control over everything within the business.

3. The Top Reasons Start-Ups Fail

i) 42% - No market need
ii) 29% - Ran out of cash
iii) 23% - Not the right team
iv) 19% - Get outcompeted
v) 18% - Had pricing/cost issues

4. The Best Places to Start Up Your Business

i) Silicon Valley
ii) New York City
iii) Los Angeles
iv) Boston
v) Tel Aviv
vi) London
vii) Chicago
viii) Seattle
ix) Berlin
x) Singapore

5. The Best Ways to Fund your Start-Up

Having your own savings is an excellent way to fund your start-up, however, in most cases personal savings don’t stretch that far. You need to think of different avenues to raise money. Nowadays, the most popular way of funding start-ups are through crowdfunding campaigns, investment from venture capitalists, bank loans/credit cards, government funding and from friends/family.

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