Information and Links
Join the fray by commenting, tracking what others have to say, or linking to it from your blog.
- Related Posts
Large Funding and Business Plans Not the Norm
According to a recent survey by the Wells Fargo/Gallup Small Business Index, the typical start-up is funded by less than $10,000 and does not have a business plan. The survey also gleaned some insights from these bootstrapping entrepreneurs:
While more than half of the approximately 600 business owners surveyed said it would have been easier to start their companies had more money been available, start-up financing was not the only challenge they identified.
Forty-nine percent of respondents said advice from other business owners also would have made their start-up days easier, while 39% said a better understanding of financial management would have helped.
Additional statistics:
- 73% of start-ups were primarily funded by the owner’s personal savings
- 37% of start-ups were funded in part by loans and lines of credit
- Only 31% of small business owners surveyed started with business plans
Story on Inc.com: Most Entrepreneurs Start with Limited Funds, No Business Plan
If you enjoyed this post, get free updates by email or RSS.
