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Nearly 3/4th of the startups were inspired by the employment of friends or relatives, study finds

Startups

Nearly 3/4th of the startups were inspired by the employment of friends or relatives, study finds

Adam Ghost
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It has been speculated that the members of the millennials are more likely to invest in a small business as opposed to their counterpart age group.

Approximately 8/10 of the startup’s businesses were initiated with the involvement of friends or relatives contributing their resources for the startup of the business, a report found.

A report was conducted with included a sample size of 1000 businesses, and the researcher found that the majority of the businesses considered their employment with a friend rather than hiring fresh contenders for the job. It has also been speculated that members of the generation-Y (millennial) are more likely to establish their small business, fresh out of college.

According to the accumulated data, approximately 69% of the newly established businesses in the last five years were initiated by fresh graduates or the people belonging to an age category of 18-34. In addition, the Britons are more likely to invest in the startup of a business by the age of 27.

Also, the study concluded that nearly nine out of 10 small businesses take pride in setting up a physical shop for their business, and the 48% of the sample population likened the sentiment to the buzz of investing in a first home.

When the business owners were asked to highlight the key features of starting up their own businesses, 51% reported that they like being their boss, 38% reported their exercise to exert control on their work life, and 38% attributed to the management of their business in their particular direction. Approximately 82% of the small businesses expressed that they are managing the business they have always wanted to run.

However, it is not easy to set up a company without the involvement of risks, as nearly four out of 10 businesses reach their maturity within a specified timeframe, and nearly 20% of the startups are launched without the involvement of a completely strategized business plan.

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