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9 out of 10 businesses fail?

9 out of 10 businesses fail?. False Small Business Administration (SBA): 2/3 of new business survive for at least 2 years 44% survive for at least 4 years The failure rate of businesses isn’t nearly as dramatic as is often quoted. Entrepreneurs are college dropouts. False

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9 out of 10 businesses fail?

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  1. 9 out of 10 businesses fail? • False • Small Business Administration (SBA): • 2/3 of new business survive for at least 2 years • 44% survive for at least 4 years • The failure rate of businesses isn’t nearly as dramatic as is often quoted

  2. Entrepreneurs are college dropouts • False • Kauffman Foundation: • 95.1% earned bachelor’s degrees • 47% earned post-graduate degrees

  3. It takes money to make money • The average amount of money to start a business is $15,000 ~ $20,000

  4. You need venture capitals • False • The odds that a startup company will get VC money are about 1 in 4,000 • Federal Reserve: • 47% of the companies two years or younger are financed through equity • 53% of the companies two years or younger are financed through debt • Banks account for 16% of financing to companies two years or younger

  5. You need to have a great idea • False • 70-90% of ventures come from innovation of an existing concept • Facebook • Apple

  6. Entrepreneurs are experts in their industries • 40% of the Inc. 500 founders had absolutely no prior experience in their industries when they started • However, over time, they grow into prominent and knowledgeable experts

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