Small-business owners get their start with an average of just $10,000 in initial capital, according to the latest Wells Fargo/Gallup Small Business Index.
Close to three-quarter of businesses (73 percent) were primarily funded by the owner's personal savings, while 37 percent were funded in part by loans and lines of credit.
"The survey results provide us with real insight into what it takes to start and run a small business, and what many small-business owners wish they had at the onset — more capital and more financial management education," Rebecca Macieira-Kaufmann, executive vice president and head of the Wells Fargo's small-business unit, said in a statement.
While more than half of the approximately 600 business owners surveyed said it would have been easier to start their companies had more money been available, start-up financing was not the only challenge they identified.
Forty-nine percent of respondents said advice from other business owners also would have made their start-up days easier, while 39 percent said a better understanding of financial management would have helped.
Only 31 percent of small business owners surveyed started with business plans.
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