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Take a look at these stats to understand entrepreneurship in 2022
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.
The trends of entrepreneurship in 2022 may be best understood by the following major statistics.
Stats About Entrepreneurship
- Entrepreneurship Landscape
- Entrepreneurship rates have been trending upwards in the United States for the past 19 years.
- Nearly 5.4 million new businesses were registered in 2021. That’s a 23% increase YOY.
- 3.65% of small businesses in the US are profitable.
- 54% of small business owners feel the pandemic is still impacting their business.
- 51% of entrepreneurs plan to increase their staff in 2022.
- 41% of entrepreneurs plan to expand or remodel their business in 2022.
- 47% of people became entrepreneurs because they wanted to be their own boss.
- Small businesses in the U.S. employ 60.6 million people.
- 74% of companies actively invest in social media marketing.
- Nearly 64% of companies actively invest time in SEO.
- Retail and food are the most popular industries for small business owners.
- 78% of small business owners say their businesses are profitable.
- 31% of entrepreneurs in the U.S. start a business because they want to pursue a passion.
- 86.3% of small business owners have a salary lower than $100,000, with 30% not paying themselves a salary at all.
- More than half of small businesses (52%) are “very concerned” about inflation.
- Increasing online sales is the number one priority for small businesses in 2022.
- The biggest challenge for small business owners and aspiring entrepreneurs is the lack of cash flow.
- The average amount of startup capital needed by a small business owner is $10,000.
- The top three challenges facing aspiring entrepreneurs are insufficient capital or cash flow, recruiting employees, and marketing.
- Over 54% of entrepreneurs in the U.S. have a bachelor’s degree or higher.
- 5.2 million small business owners in the U.S. identify as people of color.
- As of 2020, there are approximately 274 million women entrepreneurs.
- 5.9 million entrepreneurs are under the age of 35.
- Half of the adults surveyed chose to start a business due to having a hard time finding well-paying jobs.
How Entrepreneurs Work
- 82% of small businesses have made workplace changes in response to the COVID-19 pandemic.
- The overwhelming majority of business owners (74%) self-reported as either somewhat happy or very happy.
- 69% of American entrepreneurs start their businesses at home.
- According to social entrepreneurs, the biggest factors in making remote work sustainable are the introduction of digital collaboration platforms (39%) and flexibility in how work gets done (36%).
Become An Entrepreneur at NuvoDesk
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