3 ideas that the Global Failure Index challenged last year
Last year we decided to create the biggest and most diverse data platform of failed businesses in the world: the Global Failure Index.
Using geolocation and detailed descriptions of profiles and reasons for failure we are generating actionable knowledge to help decision-makers. As a result, in 2017 the GFI challenged 3 conceived ideas about entrepreneurship that might not be as true as we once thought.
1- If you study and graduate, you will succeed (Not really…).
In fact, 81% of entrepreneurs who failed in 2017 had at least a bachelor degree. Parents: You’ve been notified.
2 – Entrepreneurship is just getting started (Sure?).
If entrepreneurship was a newly arrived fashion, there wouldn’t be a decrease of 4% from 2016 (36.6%) to 2017 (32.6%) on the people who re-embarked on a business venture after failure.
3 – A business failure always ends up in debts (Ahaaaaa! Busted!).
In reality, 73% of failed businesses didn’t have debts at closure. (or at least that’s what they told us!)
Whereas these findings might be just what we needed for starting fresh in 2018, there’s still an idea that we’re looking forward to challenge.
Men are still granted more credits than women at financial institutions with a 69% vs. a 63% respectively.
And since we are all into exposing failures, let us not forget our fuckups as humanity with aims to making things better this year…
Let’s make a better 2018.
“May our philosophies keep pace with our technologies. May our compassion keep pace with our powers. And may love, not fear, be the engine of change.”
Yes, we quoted him because he quoted us! Thanks, Dan!