In today’s dynamic and robust business world, entrepreneurs are the driving force behind some of the most groundbreaking ideas on the planet.
Their adventurous spirit, passion, determination, and risk-taking attitudes make up the bedrock of societal progression and economic growth.
Understanding the nuances of the entrepreneurial landscape is important for aspiring and up-and-coming business owners, policy makers, and anyone else who is captivated by the entrepreneurial journey.
In this article, we will look into the captivating world of entrepreneurship and shed some light on entrepreneur statistics, demographics, motivations, and experiences of the daring free spirits who take a chance in the realm of self-employment.
- 1 Key Statistics
- 2 Top Entrepreneur Statistics in 2024
- 2.1 1. In the United States, there are 31 million entrepreneurs.
- 2.2 2. The number of global entrepreneurs is 594 million.
- 2.3 3. 65% of small businesses are profitable as of 2022.
- 2.4 4. 58.5% of men are entrepreneurs compared to 41.5% of female entrepreneurs.
- 2.5 5. It takes only a single day to get started in business in New Zealand.
- 2.6 6. In Canada, it takes only two days to start a business.
- 2.7 7. Starting a business in Australia takes only three days.
- 2.8 8. In the United Kingdom, it takes five days to register your new business.
- 2.9 9. In the United States, it can take up to six days to register a new business.
- 2.10 10. Data shows that 90% of all entrepreneurs are self-made.
- 2.11 11. 31% of entrepreneurs have their associate’s degree.
- 2.12 12. The business ownership realm is more diverse than in the past.
- 2.13 13. 55% of adults in the United States have been entrepreneurs at least once in their lives.
- 2.14 14. 30% of business owners are “serial entrepreneurs”.
- 2.15 15. Around 20% of businesses in America fail in their first two years.
- 2.16 16. 35% of businesses are still in operation after 10 years.
- 2.17 18. 62% of entrepreneurs cite being their own boss as a motivating factor.
- 2.18 19. 61.7 million people work for a small business.
- 2.19 20. 64% of entrepreneurs are 40 years old and older.
- 3 Conclusion
- 4 FAQS
- In the United States, there are 31 million entrepreneurs.
- The number of global entrepreneurs is 594 million.
- 65% of small businesses are profitable as of 2022.
- 58.5% of men are entrepreneurs compared to 41.5% of female entrepreneurs.
- It takes only a single day to get started in business in New Zealand.
- In Canada, it takes only two days to start a business.
- Starting a business in Australia takes only three days.
- In the United Kingdom, it takes five days to register your new business.
- In the United States, it can take up to six days to register a new business.
- Data shows that 90% of all entrepreneurs are self-made.
Top Entrepreneur Statistics in 2024
1. In the United States, there are 31 million entrepreneurs.
As of 2023 data, there are 31 million entrepreneurs in the United States.
This accounts for around 16% of the American adult workforce.
Also, the United States is home to the most startups in the world.
Overall, entrepreneurship is perceived in a positive way in America.
2. The number of global entrepreneurs is 594 million.
All over the world there are 594 million entrepreneurs as of 2023.
That accounts for about 7.4% of the global population.
In 2020, there were an estimated 582 million entrepreneurs.
So, this data shows that there is growth in entrepreneurship of 2.1% just from 2020.
3. 65% of small businesses are profitable as of 2022.
Data from 2022 revealed that more than 65% of small businesses are truly profitable.
This figure is much better than in previous years.
Moreover, 85% of today’s profitable entrepreneurs say they expect to survive in spite of inflation and the uncertain economic landscape.
(NorthOne, Skynova Blog)
4. 58.5% of men are entrepreneurs compared to 41.5% of female entrepreneurs.
There is a gender gap in the entrepreneur market, but the reasons are currently unknown.
Statistics reveal that 58.5% of entrepreneurs identify as male and 41.5% identify as female.
Further statistics show that for every $1 earned by men, women earn $0.88.
This results in a disparity of $74,168 yearly income for men and $65,390 annually for women.
5. It takes only a single day to get started in business in New Zealand.
In New Zealand it takes only one day to start a business.
Every day, all over the globe, new businesses (mostly small businesses) are started.
While it helps to have a fast and easy way to register a new business, from research to establishment of a business in New Zealand can take from between two and six months.
6. In Canada, it takes only two days to start a business.
Another country that makes it easy to start a new business is Canada where you can get started without delay in just two days.
While this is a day longer than in New Zealand, it’s still an effortless way to start a business.
Though it’s quick and easy to get your business registered in Canada, the overall estimate is between three and six months from idea to launch.
7. Starting a business in Australia takes only three days.
As long as we’re on the subject of how long it takes to start a business in various countries, Australia takes on three days to be in your own business.
You are reading these statistics right.
This is days, not weeks or months like in some countries.
From idea conception to launch, it can take up to two months to get an Australian business operational.
8. In the United Kingdom, it takes five days to register your new business.
While we’re discussing the idea of how long it takes to start a business in certain countries, it takes five days in the United Kingdom to register your business.
None of this data takes the research and planning into account.
It’s only how long it takes to register a new business.
It can take three to six months from conception to launch.
9. In the United States, it can take up to six days to register a new business.
It takes up to six days in America to get your business registered.
Of course, it’s more complex than that since there are things to consider before starting a new business.
Overall, becoming an entrepreneur in America can range from a week to register to six months to a year from conception to launch.
10. Data shows that 90% of all entrepreneurs are self-made.
Current statistics have revealed that a whopping 90% of all entrepreneurs are self-made.
Being a self-made entrepreneur is achieved through one’s own efforts and dedication and hard work without financial help or support from other people or sources.
11. 31% of entrepreneurs have their associate’s degree.
Most entrepreneurs (31%) at least have an associate’s degree and 30% of entrepreneurs have their high school diploma at least.
These are the top two levels of education of most modern entrepreneurs.
Additionally, 18% have a master’s degree, 17% have a bachelor’s degree, and 4% have a PhD.
12. The business ownership realm is more diverse than in the past.
In terms of race and ethnicity, the American business owner realm is more diverse than it’s ever been.
The SBA (Small Business Administration) revealed that 17.7% of all employer companies are owned by a minority.
Furthermore, 5.6% of the Hispanic community are entrepreneurs.
In the Asian community, that figure is 9.7% and among African Americans, 2.2%.
13. 55% of adults in the United States have been entrepreneurs at least once in their lives.
The Global Entrepreneurship Monitor found that 55% of the adults in America had started at least one business in their lives in 2019.
Another 26% said they had started two or more businesses.
Moreover, entrepreneurship is so positively viewed that 635 of respondents to a survey said they believe owning a business is a good career choice.
14. 30% of business owners are “serial entrepreneurs”.
Serial entrepreneurs are self-employed professionals who are concurrently running more than one business.
In 2019, FreshBooks ran a study that revealed this information along with other essential statistics related to entrepreneurship.
15. Around 20% of businesses in America fail in their first two years.
We discussed some successful figures about entrepreneurship, but what about failures?
Data shows that in America, around 20% of businesses fail within their first couple of years.
This data comes from the BLS and includes the fact that 45% fail within their first five years and 65% within 10 years.
16. 35% of businesses are still in operation after 10 years.
When you find a family-owned and operated business that’s been around for over 50 years (some even over 100 years), you know they are doing something right.
According to statistics, 35% of businesses remain operational after 10 years and 25% of businesses survive 15 years or more.
17. 38% of successful entrepreneurs say that self-discipline is the most vital element.
If you want to know what successful entrepreneurs have to say about what it takes to be successful, then you will like this data.
If you want to succeed as an entrepreneur, 38% of successful entrepreneurs say you must be self-disciplined.
Another 37% said that good communication skills are an important element among successful entrepreneurs.
18. 62% of entrepreneurs cite being their own boss as a motivating factor.
An impressive 62% of entrepreneurs from a survey cited being their own boss as their top motivating factor for becoming an entrepreneur.
Another 60% cited that pursuing their passion was the motivating factor and 52% said they wanted to fulfill a need in their community.
There are several reasons you might want to become an entrepreneur.
19. 61.7 million people work for a small business.
How does entrepreneurship impact the job market? It says something about that when we find that in 2023, 61.7 million people are employed by small businesses in America.
In fact, 46.4% of the American private workforce (non-government) works for small businesses.
In contrast, 80% of small businesses are a one-person show and have no employees.
20. 64% of entrepreneurs are 40 years old and older.
Most of the American entrepreneurs are at least 40 years old and older according to statistics.
Another 30% are between 30 and 40 years old.
Only 6% of entrepreneurs are between 20 and 30 years old.
As entrepreneurship grows, we may see the younger crowd becoming their own bosses.
Entrepreneurship isn’t a new concept.
Entrepreneurs have been around since the beginning of time.
In Ancient civilizations we read about the marketplaces and sellers that existed in those days.
This world would never have survived without its multitudes of enterprising entrepreneurs over the centuries.
Without that dedicated “be your own boss and make a difference in the world” spirit, there wouldn’t be large corporations today.
Entrepreneurship can be a challenging yet rewarding journey.
If you’re thinking about starting your own business, do your homework and research.
You also need to develop a solid and strong business plan and be prepared to engage in a lot of hard work.
Dedication and perseverance win the entrepreneurial prize along with all that hard work, learning new skills, taking classes, getting mentored, and using the right resources.
With the right resources, passion, and dedication, you can achieve your entrepreneurial dreams.
We hope you have learned a lot from the entrepreneur statistics we researched and shared with you here today.
You should now have some knowledge and a good idea if entrepreneurship is something you want to pursue.
What is entrepreneurship?
Entrepreneurship is the process of planning, creating, launching, and operating a new business.
It usually involves identifying and pursuing opportunities, adapting to change, and taking risks.
Entrepreneurs are people who are compelled to innovate, problem-solve, and build something new.
What are the benefits of entrepreneurship?
Successful entrepreneurs can tell you the benefits of being an entrepreneur, which includes the following:
1. Satisfaction of becoming your own boss
2. Freedom to pursue passions
3. Potential to make a significant impact on the world
4. Opportunity to create something new, exciting, and lasting
What are the challenges associated with entrepreneurship?
Along with the benefits of entrepreneurship come that challenges like these:
1. Risk of failure
2. Need for a lot of hard work and dedication
3. Difficulty securing funds
4. Challenges of managing and growing business
What are the qualities of a successful entrepreneur?
While knowing the benefits and challenges of becoming a successful entrepreneur is necessary, it’s also vital to understand the qualities that can make you a successful entrepreneur.
Here are some qualities of successful entrepreneurs:
1. Drive and passion
2. Creativity and innovation
3. Problem-solving skills
4. Resilience and perseverance
5. Business acumen
What are some good resources for aspiring entrepreneurs?
Here are a few resources to consider if you’re thinking about becoming an entrepreneur.
1. Startup incubators (gradual mentoring and nurturing not designed for rapid growth) and accelerators (mentorship, capital, and connections to business partners and investors. Designed for rapid growth). It’s important to learn the difference.
2. Government grants and loans.
3. Business mentorship programs like the SBA in the United States.
4. Online tutorials and courses.
If you intend to join the over 594 global entrepreneurs, you must first be prepared to do the work to be successful and ask for help when you need it.
Remember, self-discipline is the number one factor among successful entrepreneurs.