Small businesses and ambitious enterprises are at the heart of every industry. Not only do they immensely contribute to the overall revenue of a country, but they also have a beneficial effect on the workers themselves. <\/p>\n\n\n\n
Employees who decide to make the switch and become independent employers feel more fulfilled and motivated to work. There are a lot of inspirational entrepreneur statistics out there that show us the US is still the best place in the world to become your own boss and start something new.<\/p>\n\n\n\n
Now, young entrepreneurs are mostly concerned about the risks that come with new businesses, including funding, staff, and success rate. Indeed, a large number of business owners rely on loans to keep the company operational and often have to use their personal funds to tie some loose ends. <\/p>\n\n\n\n
However, loans also help them expand their business and achieve more within their industries. Finding high-quality staff is no easy task, which is why many owners decide to go it alone, at least for a while. It is necessary to understand that the entrepreneurship failure rate has never been lower, with only 20% of businesses closing after a year.<\/p>\n\n\n\n
With such a promising startup environment, it\u2019s no wonder a lot of people are choosing this path over being a traditional employee. For many, entrepreneurship is a great career choice that allows for a better work\/life balance and more income. <\/p>\n\n\n\n
Studies have also shown that this is not a young man\u2019s game, despite what the public believes. Successful businesses are usually started by middle-aged men and women who have experience and want to apply it in their field.<\/p>\n\n\n\n
To start things off, we\u2019ve chosen some of the most interesting stats on the web. Take a look.<\/p>\n\n\n\n
(Forbes,Forbes)<\/p>\n\n\n\n
Despite the economic hardship brought on by the Covid-19 pandemic, some people enjoyed an unprecedented wealth surge, with a record high of 493 new billionaires added to Forbes\u2019 annual list of the richest people in 2021. That brings the total number of billionaires in the world to 2,755. Among the newcomers are 88 Americans, most of whom are self-made. Young entrepreneurs are likely to be encouraged by these figures, which show that certain industries and investments can thrive even in times of major economic turmoil.<\/p>\n\n\n\n
(FreshBooks, QuickBooks)<\/p>\n\n\n\n
These entrepreneurial statistics from FreshBooks underscore a significant shift towards independent work. According to a separate study from Intuit\u2019s QuickBooks, 28.2% of American workers had some form of self-employment in 2019. One out of every five workers plans a complete change of career once they get into entrepreneurship.<\/p>\n\n\n\n
(Babson)<\/p>\n\n\n\n
There seems to be a growing understanding of the benefits of entrepreneurship among people worldwide. According to Global Entrepreneurship Model entrepreneurs statistics from 2018\/2019, more than half of them feel that starting one\u2019s own business is a good career move. There may also be some misconceptions because an astonishing 40% of respondents think it\u2019s easy to start a business, and 49% believe they have what it takes to do it.<\/p>\n\n\n\n
(The Hill)<\/p>\n\n\n\n
Although this is a significant rise compared to previous years, there is still quite a lot of room for improvement. Namely, entrepreneurship stats can help countries gain a better understanding of the market needs in certain areas and create a more fertile ground for this development. It is a great way to spot both the flaws and benefits of certain industries and act accordingly.<\/p>\n\n\n\n
(Guidant Financial)<\/p>\n\n\n\n
What\u2019s more, 39% wanted to pursue their passion, and 25% just did it because the opportunity presented itself. For 25% of entrepreneurs, corporate America was the biggest problem, while 11% decided to start their own business after being laid off. According to entrepreneur data, another 10% did it because they weren\u2019t ready to retire, and 4% were inspired by various life events.<\/p>\n\n\n\n
(Guidant Financial)<\/p>\n\n\n\n
It may seem surprising, but almost a third of all small business owners never got any further than high school. This may offer reassurances to young people who are worried they won\u2019t accomplish anything without going to college. Only 18% of small business owners hold a master\u2019s degree, while 4% managed to get a doctorate.<\/p>\n\n\n\n
(Babson)<\/p>\n\n\n\n
Entrepreneur statistics from 2018 tell us more than half of business owners in the biggest country in South America don\u2019t have any employees or intend to hire any. With this number, Brazil is the world leader, leaving Madagascar a distant second with just 30% of solo operators.<\/p>\n\n\n\n
(FreshBooks)<\/p>\n\n\n\n
It appears that construction is the most popular profession for entrepreneurs, followed by retail with 10.9%, real estate with 10.7%, and consulting with 10.3%. The creative professions are in 7th place according to entrepreneurship growth statistics, while marketing is at the very bottom with 1.7%.<\/p>\n\n\n\n
(GEDI)<\/p>\n\n\n\n
The Global Entrepreneurship Index (GEI) is a numerical presentation of the climate a country creates for the development of small businesses. This index takes into account numerous factors to create one comprehensive overview of the situation. Switzerland takes an unexpected second place with 80.4, followed by three English-speaking countries – Canada, the UK, and Australia. Chad is bottom of the list with an index of just 9.<\/p>\n\n\n\n
(Federal Reserve Banks)<\/p>\n\n\n\n
Entrepreneur demographics for 2018 show us that 43% of owners use the funds to cover their operating expenses, and 26% need them to refinance other loans. It appears that loans play a huge part in the world of small businesses, as enterprises rely heavily on them both to keep afloat and make crucial steps towards the future.<\/p>\n\n\n\n
(FactFinder)<\/p>\n\n\n\n
In the true entrepreneurial spirit, 83.1% of owners built their companies from scratch. A significantly smaller percentage (11.3%) purchased their businesses, while 7.2% inherited them or received them as gifts.<\/p>\n\n\n\n
(TSheets)<\/p>\n\n\n\n
According to entrepreneurship data, 32% of small business owners have only taken a couple of business classes, while most (46%) don\u2019t have any form of business education.<\/p>\n\n\n\n
(TSheets)<\/p>\n\n\n\n
Quite logically, the internet is still one of the biggest resources for a small business owner. It contains plenty of official data that users might find useful. What\u2019s more, it gives them a chance to interact with each other and help each other out. In fact, entrepreneur statistics show 19% of business owners first turn to their colleagues for advice, while 14% go to books for answers. Only 11% of respondents said they first turn to their family.<\/p>\n\n\n\n
(MIT Sloan)<\/p>\n\n\n\n
There is a belief that young people are responsible for most successful businesses out there. However, studies have shown that middle-aged men have a much better chance of succeeding in their enterprises, especially if they\u2019ve already worked in the field before. Statistics about entrepreneurs tell us business owners who start their companies and hire at least one employee are 42 years of age on average.<\/p>\n\n\n\n
(GuidantFinancial)<\/p>\n\n\n\n