The Startup market in the United States: Statistics and trends to consider
The startup phenomenon has been one that has managed to become a very interesting topic. This is mainly due to how many people have managed to start their own business and separate themselves from the corporate race.
It is important to consider that all startups have the potential of becoming large corporations. Most never reach this point and 9 out of 10 startups will fail to become viable business ventures even on a small scale. With that said, over 69% of all successful startup companies started as small home businesses.
Countries that lead the startup phenomenon
The United States leads with the most startups in any country with 63,703 and it is followed by India with only 8,301 (Minaev, 2021). It makes sense to see the United States in such an advantageous position given the work conditions, the level of education, and the level of accessibility that citizens of the US have in terms of their ability to request a business loan. The UK, Canada, Indonesia and Germany follow the list.
Digital technologies and the internet are the most common startup industries. This is to be expected given how much money is being made in that niche. The eCommerce is a perfect example that has seen massive sales globally now that we are adapting to a remote world. This is happening due to how many people prefer online shopping. They would rather avoid shopping at stores for safety reasons and in order to save time.
It is crucial for a startup to be able to read the market demands if they wish to be successful. Startups fail over 42% of the time due to a lack of knowledge regarding what the market wants and needs. Other reasons why they fail include running out of cash, not having the right team, not being competitive enough, an average product and pricing issues. There are other reasons, but the ones we mentioned have the most relevant and prevalence.
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References: Minaev, A. (2021, December 23). 35 Facts and Trends You Must Know. FirstSiteGuide. https://firstsiteguide.com/startup-stats/