Starting a business is rewarding.

But not everyone can stand the pressure of being your one-man crew slash cheerleader when the going gets tough. 

How many entrepreneurs are there in 2024?

Who are the world’s richest entrepreneurs?

What percentage of women have their own business in countries like Afghanistan?

Let’s find out the most interesting facts about entrepreneurship in this article. 

How Many Entrepreneurs Are There in 2024?

According to the latest report, there are more than 500 million entrepreneurs in the world today. 

With more access to capital, a highlight to consumerism, and greater demand for goods and services, more people are braving the odds to start their own business ventures. 

Reasons Why People Start Their Business

How Many Entrepreneurs Are There

If you think money is the main reason why people choose to jump into entrepreneurship, it’s time that changes. 

A recent study shows the primary reason why people start their own business is freedom.

This shows not many people are willing to fall into rot on their 9-to-5 job and usual work routines.

No one can boss them around to send an email right after logging in to work.

Did I mention they call the shots when to wake up, eat, and rest?

The taste of freedom is apparent when you become an entrepreneur

There is also passion.

Many entrepreneurs point to the satisfaction of building something they are truly passionate about as a prime motivation for starting a business.

Passionate about legos? Cars? Skincare? Workout? 

People always find a way to make a business out of it and this is the exact reason behind the impressive statistics of how many entrepreneurs are there in 2023.

Other Reasons Why People Start Their Business

Meanwhile, here is a quantified study on the main reasons why entrepreneurs start their own businesses. 

  • To be his/her own boss – 26% of entrepreneurs point to this as a reason behind starting their own business
  • To pursue his/her passion – 23% of entrepreneurs point to this as a reason behind starting their own business
  • To explore new opportunities – 19% of entrepreneurs point to this as a reason behind starting their own business
  • Dissatisfaction with the corporate setting – 12% of entrepreneurs point to this as a reason behind starting their own business
  • Had been laid off from previous work – 6% of entrepreneurs point to this as a reason behind starting their own business
  • Unpreparedness to retire – 6% of entrepreneurs point to this as a reason behind starting their own business
  • Other reasons – 5% of entrepreneurs point to this as a reason behind starting their own business

World’s Most Entrepreneurial Countries

World’s Most Entrepreneurial Countries

Some countries are more entrepreneurial than others.

Take a look at the world’s best hubs for businessmen and women and their respective entrepreneurship scores based on innovation, competitiveness, labor skills, infrastructure, access to capital, and openness for business. 

  1. United States – the country generated a total of 42.88 points in the entrepreneurial score
  2. Germany – the country generated a total of 41.05 points in the entrepreneurial score
  3. United Kingdom – the country generated a total of 35.80 points in the entrepreneurial score
  4. Israel – the country generated a total of 34.25 points in the entrepreneurial score
  5. United Arab Emirates – the country generated a total of 31.01 points in the entrepreneurial score
  6. Poland – the country generated a total of 29.75 points in the entrepreneurial score
  7. Spain – the country generated a total of 29.01 points in the entrepreneurial score
  8. Sweden – the country generated a total of 28.16 points in the entrepreneurial score
  9. India – the country generated a total of 25.47 points in the entrepreneurial score
  10. France – the country generated a total of 25.34 points in the entrepreneurial score
  11. Australia – the country generated a total of 25.05 points in the entrepreneurial score
  12. Estonia – the country generated a total of 24.64 points in the entrepreneurial score
  13. Ireland – the country generated a total of 24.37 points in the entrepreneurial score
  14. Malaysia – the country generated a total of 23.60 points in the entrepreneurial score
  15. Saudia Arabia – the country generated a total of 22.98 points in the entrepreneurial score

Business Owners by Gender

Despite a significant increase in the number of entrepreneurs over the years, there remains a significant disparity between business owners in terms of gender. 

In some countries like Afghanistan, the share of female business owners is kept low at 2%. 

  • Afghanistan – only 2.0% of the total number of business owners in the country are women
  • Mali – only 8.4% of the total number of business owners in the country are women
  • Nepal – only 10.3% of the total number of business owners in the country are women
  • Guinea – only 14.2% of the total number of business owners in the country are women
  • Central African Republic – only 16.1% of the total number of business owners in the country are women
  • Benin – 31.6% of the total number of business owners in the country are women
  • Rwanda – 30.2% of the total number of business owners in the country are women
  • Sierra Leone – 31.3% of the total number of business owners in the country are women
  • Togo – 32.1% of the total number of business owners in the country are women
  • Mozambique – 43.1% only 2% of the total number of business owners in the country are women

Top Industries You Can Venture on in 2023

Top Industries You Can Venture on in 2023

They say the world’s most successful entrepreneurs were driven not only by motivation but also luck.

They anticipated what was coming and built their empires out of it. 

Here is a list of the top industries with the highest potential to grow in 2023:

  • Warehouse, storage, and non-residential business – the industry generated an 80.73% year-on-year growth in 2020
  • Gas stations – the industry generated a 57.68% year-on-year growth in 2020
  • Beer, wine, and liquor stores – the industry generated a 50.53% year-on-year growth in 2020
  • Hotels and motels – the industry generated a 47.12% year-on-year growth in 2020
  • Insurance agencies and brokerage – the industry generated a 23.00% year-on-year growth in 2020
  • Automotive, repair, and maintenance – the industry generated a 29.27% year-on-year growth in 2020
  • Landscaping – the industry generated a 20.74% year-on-year growth in 2020
  • Trucking – the industry generated a 19.28% year-on-year growth in 2020
  • Janitorial service – the industry generated a 14.19% year-on-year growth in 2020
  • Restaurant and food service – the industry generated a 13.65% year-on-year growth in 2020

Conclusion

There are 500 million people with their own businesses today. 

They love how starting a new venture comes with freedom, opportunities, and challenges.

Sources

Guidant FinancialWorld BankWorld Bank
CEO WorldFinancesOnlineForbes
FirstSiteGuideForbesForbes
PowerHomeBizZapierResearchGate
OberloInvestopedia