Final answer:
The exact percentage of startup businesses that start without formal investment cannot be determined. However, many small startups do rely on the owner's personal funds or loans, and venture capital is often aimed at high-potential businesses.
Step-by-step explanation:
The question being asked relates to the percentage of startup businesses that begin without any formal investment, such as venture capital or angel investors. The detailed answer is not provided within the information available, and as such, we cannot confidently select whether the correct answer is A. 98%, B. 75%, C. 50%, or D. 24%. However, what is clear from the provided context is that a substantial number of small businesses are started with funds from the business owners themselves or through loan arrangements that do not involve giving up equity in the company. Moreover, venture capital investments can be sizeable, with firms investing billions into various sectors annually, but these investments are typically reserved for businesses that have the potential for very high returns, acknowledging the high risk of failure.