Top 5 Facts about Startups
You know what they say about geeks: you'll probably end up working for one some day. Welcome to WatchMojo's Top 5 Facts. In this installment, we'll be looking at the most interesting and groundbreaking facts surrounding startups and entrepreneurship.
Special thanks to our user Christo for submitting the idea using our interactive suggestion tool at http://www.WatchMojo.comsuggest
Top 5 Facts Startups
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You know what they say about geeks: you’ll probably end up working for one some day. Welcome to WatchMojo’s Top 5 Facts. In this installment, we’ll be looking at the most interesting and groundbreaking facts surrounding startups and entrepreneurship. While tech companies such as Facebook and Amazon have been crazy successful, we’re broadly defining startups as companies who are more in the earlier stages of development for this segment.
#5: Uber May Be the Most Successful Startup of All Time
This well-known app has revolutionized travel and is slowly–and controversially– putting taxi services out of business. It’s hard to believe that only a few years ago, this uber-convenient concept was nothing more than an idea. A handful of lucky investors decided to buy into it, and have made as much as 2000 times their original investment in the first five years of business. Apparently the getting’s still good, because in 2014, Uber raised $1.2 billion, earning the accolade of largest funding round in startup history. Taxi drivers and Lyft employees may not be thrilled about this, but the rest of us are pretty excited to see where ride sharing technology takes us next!
#4: Uganda Is the World's Most Entrepreneurial Country
Believe it or not, approximately 1 in 4 Ugandans have their own business, making in the country with the highest entrepreneurship per capita. While that rate is significantly greater than enterprising hubs such as Silicon Valley, this doesn’t necessarily mean that it’s a great place to start your new business. Becoming self-employed may be a dream for some wide-eyed entrepreneurs, but it’s more or less the only option for Ugandans, as well as for those in other developed countries due to a lack of employment opportunities. When all else fails, having an idea or skill and starting a business may just be the best way to get food on the table.
#3: Open Offices May Not Be All They're Cracked up to Be
For many, the days of dreary offices and boring, old cubicles are a thing of the past. Companies such as Google, Yahoo, and eBay popularized open office spaces in recent years, and haven’t looked back since. While these layouts are said to increase communication and creativity, research suggests they may also make it excruciatingly hard to focus. A 2011 study by the University of Leeds found that increased interruptions, reduced concentration, and even a lack of motivation are all symptoms of open office layouts. We’re not saying there’s a one size fits all strategy for office space, but maybe just for once, Google doesn’t have all the answers.
#2: Troublemakers Make Great Entrepreneurs
Do you have trouble following rules, an addictive personality, and a penchant for destructive behavior? A career in startups may be just the thing for you! Believe it or not, there are specific character traits linked with successful entrepreneurs. While it’s no surprise that these individuals tend to have a high IQ, juvenile delinquency and displaying anti-social or aggressive behavior as a teenager is also a strong predictor of entrepreneurial success. These same individuals are also likely to display symptoms of addiction and have substance abuse issues. Who knew?
#1: Your Great Idea Will Probably Fail
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So, just how hard is it to build a successful business? Probably a whole lot harder than you’d think. Research shows that 9 out of 10 startups will eventually fail. According to Fortune magazine, the number one reason businesses go under is that they’re making a product no one wants. Before you place all your bets on that cool new app nobody really asked for, you may want to take a hard look at the numbers first. New companies in the information, transportation, communication, and utilities industries tend to have the highest failure rates. On the other hand, while they may not be the sexiest industries, finance, insurance, and real estate startups have statistically had the highest success in recent years. So… you may want to start there. So, do you have a breakthrough idea that may one day be the next big thing? Also, do you think Steve Jobs or Mark Zuckerberg had a larger crime record growing up? For more innovative Top 10s and entrepreneurial Top 5s, be sure to subscribe to WatchMojo.com.
