Clothing stores, bakeries, software companies and farms are among the most popular ventures pursued by aspiring entrepreneurs worldwide.
This trend is captured through the latest data-driven insights from AI-driven business planning platform Venture Planner. The anonymised data from Venture Planner’s platform highlights diverse motivations and growth stories from over 200 countries and 40,000 businesses.
From innovative farming techniques in Africa to Europe’s burgeoning coffee culture, the data showcases unique narratives driving entrepreneurial spirit. Venture Planner’s analysis reveals significant global trends and emerging themes, providing a detailed look at the aspirations shaping the future of entrepreneurship.
Global trends in entrepreneurship
The data reveals that clothing stores have emerged as the most popular entrepreneurial venture. This is followed by bakeries, software companies and farms. These ventures not only highlight the varied paths to business development but also reflect the diverse interests and opportunities available in different regions.
A sizeable portion of entrepreneurs are at the nascent stages of their business journey, with nearly half (47%) in the idea stage and 42% in the start-up stage. Only 11% have reached the growth stage. This indicates a thriving environment of innovation and new business ideas, with many entrepreneurs just beginning to explore and develop their ventures.
Myanmar boasts the highest proportion of start-ups, with 69% of businesses in this phase among countries with more than five entries. This suggests a particularly vibrant entrepreneurial spirit in Myanmar, where many individuals are actively working to turn their business ideas into reality.
Funding needs reflect ambitious growth plans
An overwhelming 72% of businesses on the platform are seeking funding, highlighting the robust growth ambitions and the high costs associated with launching new ventures. This significant demand for funding underscores the substantial initial investments required to get businesses off the ground or scale their operations.
Alex Clansey, CEO and Co-founder of Venture Planner, said: “Our data highlights a compelling trend. Seventy-two percent of businesses require external funding to get off the ground or scale their operations. This demand for funding underscores the ambitious growth plans of today’s entrepreneurs and the substantial initial costs associated with launching new ventures.”
He added: “It also reflects a vibrant start-up ecosystem and a supportive investment environment. At Venture Planner, we are committed to helping these businesses navigate the complexities of securing funding and turning their innovative ideas into successful enterprises.”
The most common sectors requiring funding include clothing stores, software companies, farms, bakeries and cafes. On the other hand, among businesses that do not require funding, the leading sectors are clothing stores, beauty salons, bakeries, candle stores and cosmetics stores.
Geographic distribution highlights entrepreneurial hotspots
In terms of geographic distribution, the United Kingdom leads with 8,434 businesses on the Venture Planner platform, followed by the United States with 5,007 businesses. This significant presence in the UK and the US indicates strong entrepreneurial ecosystems in these regions, supported by robust infrastructure and resources for start-ups.
Other notable regions represented include South Africa with 3,428 businesses, Jamaica with 2,737 businesses and Nigeria with 2,628 businesses.