Helpful Stats To Know About Entrepreneurship In 2024
Take a look at these stats to understand entrepreneurship in 2024
Entrepreneurship. It’s not for the faint of heart. It has its ups and downs but may be the most rewarding experience for those who take it on.
Progressing through 2024, the fusion of emerging technologies and evolving consumer preferences significantly influences the business world. Entrepreneurs are increasingly becoming key players in driving innovation, adeptly responding to shifts in market needs. This vibrant and ever-changing scenario unveils myriad opportunities that foster both creativity and persistence. Grasping the pivotal statistics of entrepreneurship in the current year offers valuable perspectives on business transformation. These numbers tell a story of growth, adaptation, and the constant push toward achieving new heights.
The trends of entrepreneurship in 2024 may be best understood by the following major statistics.
Stats About Entrepreneurship
Entrepreneurship Landscape
- Nearly a quarter of US consumers (23%) are considering starting a new business in 2024, according to findings from the Entrepreneurship in 2024 Report commissioned by Intuit QuickBooks in December 2023.
- Gen Z is most likely to invest in business growth in 2024 — expanding online and hiring employees are top priorities. (QuickBooks)
- There are 582 million entrepreneurs worldwide.
- 55% of entrepreneurs say the biggest motivation for starting their own business was the idea of being their own boss.
- 80% of small businesses are still in operation after 1 year. Only half (50%) of the small businesses are estimated to survive 5+ years.
- Small Business failure has declined by over 30% since 1977.
Financial Statistics
- Over 86% of owners take a yearly salary of less than $100,000 (Fundera)
- The biggest challenge for small business owners and aspiring entrepreneurs is the lack of cash flow. (Walden University)
- The average amount of startup capital needed by a small business owner is $10,000. (An average taken from various sources)
- 39% of business owners use their own cash to start their small businesses.
- 29% of businesses fail because of the lack of funds.
- 27% of entrepreneurs say finding talented staff and contractors is their biggest challenge.
- 65.3% of small businesses are profitable (Guidant Financial & Small Biz Genius)
Entrepreneur Demographics
- 30% of entrepreneurs only have a high school degree.
- According to the 2022 Annual Business Survey (ABS), which covers the reference year 2021, there were approximately 5.9 million employer firms in total, of which 1.2 million (21%) were minority-owned, 304,823 (5.2%) were veteran-owned, and around 1.3 million (22%) were owned by women.
- The most popular age to start a business in the US is between ages 25 to 44. A total of 44% of all businesses started in 2019/2020 were in this age group. (Search Logistics)
- Half of adult entrepreneurs chose to start a business due to having a hard time finding well-paying jobs. (HubSpot)
- 40.6% of American small business owners are Republicans (Guidant Financial)
How Entrepreneurs Work
- 39% of small business owners are “very happy” (Guidant Financial)
- 19.6% of self-employed professionals work in the construction industry.
- 50% of small businesses are operated from home (Office of Advocacy, SBA)
- 47% of owners run marketing entirely on their own(Fundera)
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Looking to become an entrepreneur? Check out this resource.
By Leslie Radford
**Updated February 2024
