Useful Startup Facts to Keep Your Eye on in 2019

It’s a tough world out there. Especially for the budding entrepreneurs scrambling to stay relevant in today’s evolving business landscape. Although there’s only about a 20% chance that a startup will make it past its first year, many dreamers still take the leap in hopes of finding success.

There are many myths surrounding entrepreneurship. One of which is the notion that only the young generation can innovate. Some have even idealized entrepreneurship by believing that they can have overnight success.

But, the truth is, there is no perfect formula for achieving success. However, we can look at some successful startups for guidance. Established businesses are known to introduce the right product to the right market, put feedback and criticism to good use, and have the right mindset when it comes to dealing with setbacks.

According to Statistic Brain’s data reports, the primary reason why startups fail is due to incompetence. Your startup should be equipped to handle challenges if you start by building a competent, diverse team in a dynamic environment. Encouraging healthy competition and collaborations within the workplace will drive your team to innovate, which will benefit the business as a whole.

To make sure that your new venture stays afloat in the competitive marketplace, keeping track of the trends and applying what works for your business will help your startup in the long run.

Identify the economic, political and technological factors that are driving these business trends and try to adapt. Learn from competitors and mentors who give you their input.

Keeping up-to-date with the facts and figures of the startup landscape is one of the most important things you can do. So if you want to know more about startup statistics and trends such as the best cities to grow your startup, history of startups, and so on, check out SmallBizGenius’ infographic below.