65+ Entrepreneur Statistics You Need to Know in 2023

1. Age, Gender, and Race

1. Entrepreneur Best Statistics

In today's world, achieving success as a business owner does not have one route or path. Most entrepreneurs affirm that the desire to have their own business and follow their passion was the main reason for preferring self-employment against the general conception of working in an organization to earn a living.

Also, the slowing down of economic activities during the pandemic and the laying off of workers by some organizations due to the inability to pay brought the consciousness of being self-employed to many people. 96% of self-employed people have no desire to return to a regular job. Generally, satisfaction and following one's passion is the driving force of many who dive into entrepreneurship, though there is no assurance of success. Whether you're raising capital or just coming up with an idea, check out the numbers on entrepreneur failure, funding, success, and more before you begin.

1. It's unfortunate, but the reality is that launching and sustaining a successful business is quite challenging. Within the first two years, 1 in 5 businesses will fail. By year 5, almost half of all companies - 45% to be exact - will have gone under despite their best efforts. And within ten years, only around 1 in 3 ventures will still be in operation.

2. Small businesses in the United States make up 99.9% of the total economic activities.

3. The workforce of the United States is composed of 31 million entrepreneurs, representing 16% of the adult work population.

4. According to research, there are 582 million business owners across the various countries.

5. A large percentage of present-day entrepreneurs (95%) plan to continue being self-employed even during the COVID-19 pandemic that occurred globally.

6. Research has proven that 95.1% of business owners were high school achievers and college graduates.

7. Women comprise about 40% of entrepreneurs in our society, while men's populace accounts for about 60% of the total business owners globally.

8. States such as Florida, Texas, and California in the United States had the highest number of business applications made in March 2022.

9. Businesses that made the first payroll in just eight quarters of their operation were recorded in Maine, South Dakota, and Idaho.

10. One of the major reasons people decide to become an entrepreneur is the desire not to be subject to someone but to be one's boss.

11. In the United States, 55% of adults were entrepreneurs at one point in their lives, and 26% had set up at least two businesses in a lifetime.

Entrepreneurship involves many risks, and unfortunately, most businesses record failure in the first few years of operation.

12. According to research by the United States Bureau of Statistics, about 20% of businesses experience failure within the first two years of startup.

13. Studies show that 45% of failure in business occurs within the first five years of its existence in a particular venture.

14. Only 35% of businesses continue to be functional and making profits after ten years of its existence.

15. In research conducted by the Bureau of Labor Statistics, just 25% of businesses survive for 15 years and above.

16. Survival in business to 38% of entrepreneurs interviewed depends on self-discipline while on self-employment, as prompt purchase poses a risk to a venture.

17. Good communication skills cannot be undermined, says 37% of business owners interviewed in a recent survey.

18. A fidelity investment report in 2017 stated that 88% of millionaires consider themselves self-made and independent.

19. In the following year, studies by the fidelity investment found 81% of millionaires to be reportedly self-made.

20. The adult workforce of the United States comprises 16% of the entire workforce population.

21. Research shows that 31 million people in the United States are entrepreneurs due to the growing desire to be one's boss.

22. Globally, there are 582 million people who are engaged in a self-employed venture or business.

23. About 55% of adults eventually ran a personal business in the United States.

24. Approximately 26% of adults who are residents in the United States started at least two businesses.

25. Small businesses comprise 99.9% of the total percentage of firms in the United States at 31.7 million compared to 20,139 large and medium-sized companies.

26. Food and restaurant venture is the industry with the largest number of entrepreneurs in the United States, making up 12% of new small businesses.

27. Retail and business services are in second place, with 11% share each in the United States entrepreneurship engagement.

28. The third place goes to health, fitness, and beauty at 9%, while residential and commercial services are at fourth place with 7% new businesses.

29. Lack of sufficient demand for products and services is a major cause of the failure experienced by global businesses.

30. To 42% of entrepreneurs, the lack of market for the sales of products and services is the primary reason business fails.

31. Another reason for the failure of a business is the unavailability of capital for continuous survival and expansion.

32. Poor teamwork by 23% of entrepreneurs is the third likely reason for failure of most businesses in the United States.

33. About 1 out of every four women state that they faced issues such as gender discrimination and prejudice as entrepreneurs.

34. In a 2021 report by Fresh Books, about 60% of entrepreneurs adopted new technologies due to low patronage during the COVID-19 pandemic.

35. A challenge for 39% of prospective business owners over 55 is access to good health care and benefits.

36. The lack of access to good healthcare facilities with other benefits was also cited as a challenge for 21% of entrepreneurs below 55.

37. Research has proven that 28% of women consider the absence of benefits as a barrier to starting their own business, while just 20% of men share the same view as their female counterparts.

38. Fears about the irregularity of cash and income flow were the challenge stated by 32% of people interviewed in a 2021 fresh books report.

39. A good percentage of prospective entrepreneurs, representing 28% of respondents, state that receiving a lower income is their greatest challenge.

40. The lack of a business plan was identified by a quarter of intending business owners in research conducted.

41. Down payment of debts was also identified by 30% of persons running their own business.

42. Surprisingly, the pandemic did not reduce the commitment of 95% of entrepreneurs who still prefer to be self-employed.

43. There was a 29% increase in interest by individuals in becoming self-employed during the pandemic.

44. This is equal to the 40% of traditionally employed people who have indicated interest in being self-employed within two years.

45. Amongst this group of persons who desire to run their own business, 84% give credence to the pandemic as the reason for making the decision.

46. A high percentage of entrepreneurs (63%) stated that entering into self-employment is the best career choice they took at an uncertain time such as the pandemic.

47. Entrepreneurs surprisingly achieved 70% career satisfaction during the pandemic, as many employees were laid off or asked to work remotely.

Many motivating factors, such as work-life balance and overcoming discrimination, stir people towards becoming self-employed.

48. The number one reason many people give for becoming self-employed is the desire to be one's boss, identified by 29% of entrepreneurs.

49. Lack of job satisfaction in a corporate or traditional work environment is the second reason given by 17% of entrepreneurs.

50. Passion for a particular line of business was given by 16% of entrepreneurs as the third motivational reason for starting a business, and this can be compared to the 28% who take self-employment as a primary goal in life.

51. Black women, as the minority, have a 42% probability of becoming entrepreneurs than 33% of white women who are interested in seeing entrepreneurship as a path to career success.

52. There is a 95.1% probability of entrepreneurs earning a minimum of a bachelor's degree, while about 50% of self-employed persons have earned a bachelor's degree.

53. A high percentage of business owners did well in high school and graduated in the top 30% position of their class, and 52% of entrepreneurs made the top 10% in high school.

54. During college days, according to 67% of entrepreneurs, they made the top 30% of their graduating class.

55. In the United States, women make up 40% of the entire number of new entrepreneurs and have the highest rate of female participation in entrepreneurship since 1996.

56. There has been a 10% rise in the average number of females entering self-employment in the United States compared to their male counterparts at 5%.

57. The male populace makes up about 60% of the total new entrance of an entrepreneurin the United States.

58. Black Americans have 7% stakes in all businesses in the United States, Hispanic Americans make up 10.6%, and Asian - Americans own 4.3% of total companies.

Some ways to evaluate a business's status or measure are the number of business presentations and the percentage of successful payroll within the first eight quarters of operation.

59. In March 2022, Florida had the most business applications with 46,832, followed by California in second position at 38,690, and Texas closely following, ranking third place at 38,317 business applications.

60. New York ranked the 4th highest in terms of applications for business with 25,364, followed by Georgia at 5th place with 21 797.

61. The highest percentage of new businesses within the first eight quarters of startup was in Maine, with 1.4% experiencing such a success.

62. With 14.7%, South Dakota took the second-place ranking of businesses that made their first payroll in the first eight quarters of operation.

63. Idaho took third place for new businessesat 14%, while Washington took the 4th place with a percentage of 13.9%.

64. Delaware ranked fifth as the lowest at 6.5% of new businesses on the payroll in the first eight quarters.

65. The United States coal industry 2019 employed a total of 52,714 workers, of which a great percentage of those engaged were underground coal miners.

66. According to a report by the Bureau of Labor Statistics, the oil and gas industry is the fourth highest-paying industry, with $118,903 as the average pay to a worker.

67. Manufacturing industry employs about 8.51% of the total workforce in the United States, with 249,962 manufacturing firms operating in the country.

Small businesses are at the very heart of every industry as they contribute greatly to the total revenue of a country and are also beneficial to the workers. Employees who switch from paid employment to self-employed tend to feel more satisfied and fulfilled. However, the young entrepreneur is mostly concerned with the risks of opening a new business, funding, staff payment, and success rate, as many business owners rely on loans to stay operational.

Within the first two years of a business existence, only 20% fail, according to the United States Bureau of Labor Statistics, while 45% experience failure in the first five years.

An Entrepreneur needs a team of people around him who can complement their skills and share their passion and vision.

The three basic keys to success in any business venture are responsibility, passion, and mindset.

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• FreshBooks 2021 Annual Self-Employment Report
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