The July edition of Money Magazine had an article about how to build wealth in America. I am not just reading this, I am just getting around to putting it on the blog. Some nice statistics from the article:
Ten years after a first attempt at getting started 37% gave up, 34% launched a going business and 29% are still trying to get started. Four years after business launch 50% are still in business, 17% are successful but no longer in business and 33% are no longer in business and not successful.
I am an optimist, and so to me that means a person has a greater than 50% chance at succeeding.
30% of business owners work fewer than 20 hours a week, 28% work 20 to 40 hours a week and 33% work more than 40 hours a week. 49% of businesses are operated from home.
The typical cost to start a business is $10,000.
Unfortunately for me, I have done the math and I would require approximately $70,000 to get started on what I would like to do.