Many people want to start their business and start it with their ideas. They want to publish their companies as this are their dream. They want to be free from all the chaos but starting a business is not easy. They want to have full control over their dreams and goals. Starting a business sounds good but it is a very hard journey to start. In this journey the first step you should take is courage. Courage is the thing that you need in this journey. This courage will lead you towards your goals. You should take all the opportunities and risks.
Starting a business is the most overwhelming thing. Business start-up at the first is not easy but when you have a strong determination you can do anything. You have to be consistent in this journey because your consistency is much important.
The following are the 15 stats about business:
Small and medium-sized businesses are major drivers of global economic growth:
Statics shows that small businesses are the major way of giving jobs to the people. Small businesses give many jobs to the employee as they need a large team at first to compete with other companies. Medium-sized businesses contribute a lot to economic growth. They have great access to the global market. They play a large role in the economy.
What is the reason for starting a business:
This question must be asked when you are starting a business. This question will help you to fulfil your aim. Research shows that many people wanted to start their business because they want to be the boss of the company and some started it because it is their dream to compete with the other industries.
Small businesses hit hard by Covid-19competes:
Covid-19 has affected a lot the small businesses. They have faced many financial problems. They have faced a lot of crises because of the Covid-19. Many businesses were shut down because of the pandemic.
New generations are more likely to create a side business:
New generations are the best to create their own side business. New generations are passionate to start their small business and competing with the big business. They are passionate about their work.
Percentage of small businesses that fail:
Research shows that 50% of the small businesses fail because they were not consistent. They were not passionate about their work and they were taking the business lightly. Because of these facts, they fail to compete with others and they failed to run their business.
What is the primary reason that new businesses fail?
The primary reason that new businesses fail is that they don’t know about marketing. They lack opportunities and they don’t know how to compete. They don’t know, the strategies of the business.
The biggest challenge for business:
The biggest challenge for business is the poor labour quality. Many people have stated that labour is the biggest challenge they have faced in a business. They say that it’s hard to hire people. Many people are not qualified that much and they and jobs.
Digital marketing channel for business:
Digital marketing gives success to businesses. This is the way of getting famous. Digital marketing has played a crucial role in business success.
Jobs created by small businesses:
Small businesses have given opportunities to many people. They have the potential to give jobs to unemployed people. They have given numerous jobs to the people. Small business is the biggest way of giving jobs.
Self-employed people have the very least number in every country. Research shows that only 3% in the world are self-employed people. This is the best profession one can do.
Many businesses have failed because they have no staff. They don’t pay staff and for that purpose, they don’t hire many people. They don’t know that without staff cannot go further. Staff is the building block of the business.
Many businesses have failed due to debt. They take money in the start from different people and start their business then which was a the big problem for them. Debt is the main reason for failure.
At the start, you only have to invest but many people think that they will make money at that start. They don’t want to invest but want to make money and due to this they lose track and they are not able to go further. Maintenance company Dubai has invested a lot when they started their company which is why they are now on the top.
Hiring talented people:
Hiring talented staff is the best thing you can do. Talented staff is very important for the companies success. Talented people are hard to find but when they come to your doorstep you must give them a place.
Social media is the platform where you can introduce your business. Social media has a great benefit on business. It has both positive and negative impacts on businesses. One must introduce his company to social media for customers.