88% of Entrepreneurs say they Are Millionaires!
Inc magazine conducted an interesting survey of 5000 fastest-growing private companies across US and here are a few damn interesting insights:
- The top motivator for starting up WAS NOT frustration over job/working for somebody else/unemployment etc – BUT the challenge of building a business.
- 88% of the respondents in 2006 said they are now millionaires (compared to 52% in 2003). 17% have a net worth exceeding $10 million.
- 97% are planning on growing their business by hiring staff in the next 12 months.
- 82% are self-financed (VCs suck!)
- 24% of entrepreneurs outsource their work – and India ranks top amongst the outsourcing destination.
- India is at the lowest end of being considered a lucrative market (outside of US).
- 7% plan on taking their company public in the future
- 47% plan to start another company in the future.
If you are an entrepreneur, I would love to know your reasons of starting up! Money? Thrill?
Most importantly, if you are not an entrepreneur, do you feel like – “Shit! WTF am I doing in my job?”
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Related posts:
- Skill vs. Luck in Entrepreneurship: Failed entrepreneurs most likely to be successful in the second venture?
- Entrepreneurs : Do a Quality Check on VCs, before you “hire” them
- 101 on How VC Industry Works [Must Read for all you Entrepreneurs]
- Selling Job Opportunities to Entrepreneurs? Here is a company buying wrong advertising keyword
- Entrepreneurs – Do you Know your Blind Spots
About the author - Ashish Sinha is a Startup Mentor/Product Strategy Coach, and the founder/chief editor of pluGGd.in.
He has launched/managed couple of products (consumer as well as enterprise) in US and India, and now consults with startups/small businesses on their product/media strategy. He can be reached at: ashish (at) pluGGd.in [+91 98452 06443]
Its passion and inspiration. Its all about to create something valuable.
But Entrepreneurs should not be emotional.
India still isnt considered a lucrative market
I think it’s a combination of getting to see yourself standing up to challenges and earning good returns. Starting a business without the aim of making money is at best a lie.