Glittering Entrepreneurs in Hawaii: Navigating the Business Landscape

Let’s explore the exciting world of entrepreneurship in Hawaii and delve into the survival rates of businesses.

Entrepreneurship in Hawaii: A Glittering Opportunity

In recent times, many people have considered starting their own businesses. Last year, the United States witnessed a record-breaking 5 million new business startups. This trend continues, with over 1.5 million new business applications submitted in the first three months of 2024 alone.

As you dream of becoming a successful entrepreneur in the U.S., perhaps you’ve imagined seizing glittering business opportunities in Hawaii. The allure of being your own boss, making decisions, and earning substantial profits is undoubtedly enticing.

Reasons for Entrepreneurship

Entrepreneurs have diverse motivations, but some common reasons include:

1. Pursuing Passion: Entrepreneurs seek the freedom to pursue their passions.
2. Building Generational Wealth: Creating wealth that extends beyond one’s lifetime.
3. Supporting Communities and Nonprofits: Contributing to social causes.
4. Scaling Side Projects: Transforming side projects into substantial ventures.
5. Balancing Lifestyle and Flexibility: Prioritizing work-life balance.
6. Becoming Their Own Boss: Taking charge of their destiny.

As someone who started my own venture over a decade ago, I resonate with the desire for creative freedom and financial success.

Survival Rates of U.S. Businesses

Let’s explore how long businesses typically survive.

Now, let’s focus on the survival rates during the first five years:

• In the first year, 21.4% of companies face bankruptcy.
• By the fifth year, 48.9% of businesses have closed their doors.

This means that approximately 50% of new businesses survive their initial five-year journey.

Hawaii’s Business Longevity

How does Hawaii compare? The table below illustrates survival rates for Hawaii businesses compared to the entire U.S.:

According to Hawaii state data:

• Startups in Hawaii have a 73.41% survival rate in their first year.
• Approximately 50% of Hawaii businesses continue operating after about 5.5 years.
• By the 10th year, the survival rate drops to 34.3%.
• Remarkably, 20% of businesses persist even after 25 years.

Recent examples suggest that familiar YouTubers, for instance, face a 50% attrition rate after five years, with only around 30% surviving two decades.

Key Takeaways

• Each year, around 5 million new businesses register across the U.S., but only half survive beyond five years.
• Sustaining a business over two decades remains a challenging feat, with only about 20% achieving it.
• My own venture, now in its 13th year, has faced challenges, including pandemic-related disruptions and inflation. Yet, customer support has been our lifeline.

Remember, beyond funding, technology, and management techniques, the key to business longevity lies in resilience and finding joy in the journey.

Interestingly, the entrepreneurial spirit thrives among America’s Generation Z. Recent surveys show that 80% of Gen Z believes they are the most entrepreneurial generation, with 75% aspiring to become entrepreneurs.

In closing, let’s heed the words of American author Mark Twain: “Twenty years from now, you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor, catch the trade winds in your sails. Explore. Dream. Discover.”

With that spirit, let’s continue embracing challenges and pursuing our dreams!

References:

• What It Takes To Be A Successful Entrepreneur—And Why It’s A Mind Game (forbes.com)
• New ZenBusiness Research Finds Class of 2023 Sees Neurodiversity as an Asset in Leadership & is Primed to be the Most Entrepreneurial | Business Wire
• The No. 1 Reason Most Entrepreneurs Start Businesses – businessnewsdaily.com
• Census.gov
• https://www.jpmorganchase.com/institute/research/small-business/small-business-dashboard/longevity
• State of Hawaii https://dbedt.hawaii.gov/economic/files/2020/05/Business_dynamics_May2020_2.pdf
• 2023-Small-Business-Economic-Profile-HI.pdf (sba.gov)

Masahito

Wildlife Hawaii Representative As the representative of Wildlife Hawaii, based in Oahu, Hawaii, I oversee the provision of tours and shuttle services. I have a passion for traveling the world and discovering new things, with a particular interest in the development of towns and cities. During my student years, I studied urban planning. My motto is “Enjoy the present,” and I approach my daily activities with this mindset.

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