State of Small Businesses
State of Small Businesses

Entrepreneurship is still thriving and flourishing despite some financial constraints. Nowadays, new entrepreneurs are now launching new startups and thereby creating new job opportunities.

In fact, the majority of the most successful startups today were launched by young entrepreneurs. However, what is the state if small business nowadays? What could have been responsible for all the new startup ideas that are springing up everywhere?

Everyone knows that entrepreneurship is all about taking risks, and this means if you are too scared to handle risks, then entrepreneurship is probably not for you.

Is entrepreneurship for you?

Entrepreneurship is not meant for everyone and this is the fact you should always know. Entrepreneurship is not just about starting your own business, it’s also about making the business a success.

So, you really want to be an entrepreneur? Is entrepreneurship really for you? Have you got that much-needed positive attitude of successful entrepreneurs?

As mentioned earlier, entrepreneurship is all about taking risks and this is probably why entrepreneurship is not meant for everyone.

However, the question we need to ask is why do people still want to be entrepreneurs despite the huge risks? What could be the motivation for people to go into entrepreneurship?

Why do people go into entrepreneurship?

The fact is that people have different reasons for joining up to create more small businesses of all types. But generally, what really motivated people to take that route? People have various motives according to a State of Small Business survey by LendingClub in a partnership with Guidant Financial.

Young entrepreneurs
Young entrepreneurs

The study was conducted to better understand the mindset of entrepreneurs across America. It shows that a quest for a greater sense of independence is among the top motivations for people to go into entrepreneurship.

 

Other reasons include an attempt to pursue a passion as well as dissatisfaction with conventional corporate life. The State of Small Business survey was carried out among over 2,600 existing and aspiring business owners.

They all lent their voice to the survey, answering questions regarding their view of economic conditions. Also included in the survey were issues such as challenges they are facing, and their plans for growth. The infographic below, courtesy of LendingClub, highlights key trends that emerged from the survey.

State of Small Business

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