Entrepreneurship is to make innovations or start new ventures at young age. The success rate of first time entrepreneur is only 18% but in case of entrepreneur who failed in first attempt have 20% chances to succeed at next startup.
According to U.S small business administration, majority of startups that are made will go out of market within five years and two third of businesses will not operate for a period of ten years from the date of its formation.
The kauffman index of entrepreneurial activity has found that 0.32% of American adults have created new businesses every month in 2011. Every year men start double the companies when compared with women. In 2011, over 1.82 percent of entrepreneurs started companies related to construction industry and 0.42% have setup businesses related to services industry.
In United States, when compared with 15 largest metropolitan cities, Los Angeles has the the highest entrepreneurial activity rate of 580 per 10,000 adults and Chicago, Detroit has the lowest rate of entrepreneurial activity with 180 per 10,000 adults.