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where many individuals are actively working to turn their business ideas into reality .

Funding needs reflect ambitious growth plans

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 startups , with 69 % of businesses in this phase among countries with more than five entries . This suggests a particularly vibrant entrepreneurial spirit in Myanmar ,

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 . �