To me it means showing both in action and in your words your appreciation for others. In my experience, it’s a good signal of a person who recognizes and appreciates others.
It’s a powerful multiplier in business, in friendships, in marriage, and spiritually. Practice it daily and watch your relationships blossom. Giving it promotes more of it – in your life and in others – it truly does multiply.
Startup statistics. Some people will sigh and think, “that doesn’t apply to me”. However, I would say that if you are thinking about launching a new business, it’s very important to understand the statistics of starting a small business.
In general, most new businesses will fail. If you think that can’t possibly happen to you, you need to strongly consider the possibility that it could. Then do everything you can to avoid it. According to Inc.com, only 4 out of 100 businesses survive past 10 years.
Out of all the businesses started in 2014, here are survival stats:
80% made it to the second year (2015);
70% made it to the third year (2016);
62% made it to the fourth year (2017);
56% made it to the fifth year (2018).
The #1 reason startups fail? No market need/demand. Solve a REAL problem, and you can drastically reduce that as a potential reason for your startup failure. Don’t worry, there are plenty of others to look out for……
Startup Failure Statistics
According to the article, here are the top 10 reasons startups fail:
No market need: 42 percent;
Ran out of cash: 29 percent;
Not the right team: 23 percent;
Got outcompeted: 19 percent;
Pricing / Cost issues: 18 percent;
User un-friendly product: 17 percent;
Product without a business model: 17 percent;
Poor marketing: 14 percent;
Ignore customers: 14 percent; and
Product mistimed: 13 percent.
On Startup Funding:
According to the stats, a full 1/3rd of business owners start with less than $5,000 and 58% got started with less than 58%.
Sources of Collective Startup Funds:
The largest source of startup funds didn’t come from investors, or banks, it came from good old savings. The vast majority of people starting a business (77%) use personal funds as a portion or all of their startup funds.
Personal funds 77%
Bank loan 34%
Borrowing from family/friends 16%
Other funding 11%
Donations from family/friends 9%
Online lender 4%
Angel investor 3%
Venture capital 3%
Gender Startup Statistics:
Male: 73% Female: 25%
It is great to see the number of female founders rising as some of the best entrepreneurs I work with are females. They tend to be harder working, more detail oriented, and more focused on the long game.
Age Startup Statistics:
According to the article, 53% of those that start businesses are between 50 and 69 years old. Proof that you’re never too old to start.
I hope you find these statistics as educational as I did. I will continue to update this data as I come across more.
When I was in college, I worked a lot. Too much looking back. The 18 hour days, the traveling, the all consuming focus of “making it happen”. While it took me another 15 years to learn to value balance, one memorable trip taught me a lot about empathy.
Here’s where the embarrassing story comes in. I was flying back from a business event, and exhausted, I fell asleep. Not bad, right? Lots of people fall asleep on planes. Give it a minute. I woke up with my shoulder on an older gentlemen’s shoulder, and…… I had drooled on him. I was horrified. After a frantic apology, I asked, “Why didn’t you wake me up?”. He replied, “My wife (sitting in the window seat next to him) and I have 5 children all older than you. It didn’t bother me a bit”.
I was in awe of his empathetic demeanor and how kind he was. At that age (19), I would have lost it if the same thing had happened to me. It gave me quite the paradigm shift.
In business and life, you’ll have situations happen to you where you have every right to be angry. I call on you to be empathetic like the older man.
Since then, I’ve been fortunate to have empathy shown to me many times both personally and professionally and I’m extremely grateful. So, I’ve tried to show the same kindness.
In our business, we’ve gone above and beyond to help people who we had no incentive to help. We’ve forgiven many that have wronged us.
We’ve had people attack us and have had to take a step back – knowing that if we attacked back, we’d crush them and didn’t want to put that into the world.
Sure, you’ll be taken advantage of occasionally – but some will take your kindness for what it is and your mercy will be an everlasting reminder in their lives.