Entrepreneurs are a gutsy bunch. They suppose big and work onerous. They also take dangers, and that’s definitely proved to be true in 2020.

Even as lots of of hundreds of businesses have struggled amid the COVID-19 pandemic, many entrepreneurs have pushed on, and in document numbers. Heading into 2021—as the united states remains in the thick of the pandemic—hopeful entrepreneurs are applying for new enterprise purposes on the quickest clip since 2007, based on the us Census Bureau.

At the identical time, Americans’ confidence in small businesses has reached record highs, even exceeding confidence within the army, the medical system, public faculties, the united states Supreme Court, and lots of other major American establishments, based on Gallup information.

Whether you’re pondering of starting a new business or you’re interested in studying concerning the panorama of innovation and entrepreneurship, try these 86 entrepreneur statistics.

Entrepreneurship statistics: Overview
There’s no one type of entrepreneur. However, entrepreneurs in the us are typically between the ages of 25 and forty four and are motivated most often by a desire to pursue their passions, exit corporate America, and benefit from new opportunities.

* There are more than 31 million entrepreneurs in the united states (Global Entrepreneurship Monitor)
* 55% of adults in the us have began no less than one business of their lifetime. (Global Entrepreneurship Monitor)
* 26% of adults in the U.S. have started two or more businesses of their lifetime. (Global Entrepreneurship Monitor)
* The common entrepreneur in the U.S. begins their enterprise when they are forty two, however that age varies by industry. In the software industry, the common age is forty. In the oil and gasoline trade, it’s closer to 47. (National Bureau of Economic Research)
* Among high-performing startups (in the top zero.1% of progress in the first five years), the common entrepreneur in the us begins their company when they’re 45. (National Bureau of Economic Research)
* 16% of Americans between the ages of 18 and 24 began new businesses in 2019. (Global Entrepreneurship Monitor)
* 22% of Americans between the ages of 25 and 34 began new businesses in 2019. (Global Entrepreneurship Monitor)
* 22% of Americans between the ages of 35 and 44 started new businesses in 2019. (Global Entrepreneurship Monitor)
* 13% of Americans between the ages of 45 and fifty four started new businesses in 2019. (Global Entrepreneurship Monitor)
* 13% of Americans between the ages of 55 and 64 started new companies in 2019. (Global Entrepreneurship Monitor)
* 6% of Americans between the ages of sixty five and 74 began new companies in 2019. (Global Entrepreneurship Monitor)
* A faculty schooling is turning into less common amongst entrepreneurs in the united states Roughly 56% of those who have been self-employed in 2019 had a college degree, down from 60% in 2018 and 64% in 2017. (FreshBooks)
* Only 2% of small enterprise homeowners have a doctorate degree, whereas 7% have an expert degree and 13% have a grasp’s diploma. (Fundera)
* Entrepreneurs in the U.S. cite desirous to be their very own boss as the highest motivation for beginning a business. (Guidant Financial)
* Other prime motivations for turning into an entrepreneur include pursuing a ardour (39%), desirous to exit company America (25%), taking benefit of a brand new alternative (25%) and discovering new work after being laid off (11%). (Guidant Financial)
* 10% of entrepreneurs in the us start a enterprise as a outcome of they are not yet able to retire. (Guidant Financial)
* 63% of Americans consider that entrepreneurship is an effective career choice. (Global Entrepreneurship Monitor)

Women entrepreneur statistics
There are fewer female entrepreneurs in the U.S. than male ones. However, the expansion of women-owned businesses in the united states over the previous several years has outpaced development in all businesses.

* There were almost 13 million women-owned companies in the us as of 2019. (American Express)

* 27% of small enterprise homeowners in the U.S. are girls. (Guidant Financial)
* Globally, there are 252 million ladies entrepreneurs. (Global Entrepreneurship Monitor)
* Women in the U.S. have historically began new companies at a slower rate than males. In 2019, sixteen.6% of grownup ladies underneath sixty five started a brand new enterprise, compared with 18.3% of men in the same age group. (Global Entrepreneurship Monitor)
* However, women in the us between the ages of 45 and 64 begin new businesses at about the identical fee as men in this age group. (Global Entrepreneurship Monitor)
* Generally, women business house owners in the us are younger than the typical business owner. 63% of girls business owners are Millennials or members of Generation X, in contrast with 56% for all enterprise homeowners. (Guidant Financial)
* 36% of girls business house owners in the us are Baby Boomers, and 1% belong to the Silent Generation. (Guidant Financial)
* Between 2014 and 2019, there was a 21% increase within the variety of women-owned businesses in the us, in contrast with a 9% improve in the number of all businesses. (American Express)
* Between 2014 and 2019, women-owned companies in the united states increased their total variety of staff by 8%, compared with a 1.8% enhance among all businesses. (American Express)
* The most popular industries for women-led and women-owned businesses in the united states include retail (16%); health, magnificence, and health services (13%); business services (11%); meals and restaurant (10%); and residential and commercial companies (7%). (Guidant Financial)
* 71% of women entrepreneurs start a enterprise to make a difference on the planet, in comparison with 63% of men. (Global Entrepreneurship Monitor)
* 65% of girls entrepreneurs begin a enterprise to construct wealth or earn a high revenue, in comparability with 73% of men. (Global Entrepreneurship Monitor)
* 45% of girls entrepreneurs begin a business to earn a dwelling as a result of jobs are scarce, in comparison with 38% of men. (Global Entrepreneurship Monitor)
* 29% of girls entrepreneurs start a business to continue a family tradition, in comparison with 32% of men. (Global Entrepreneurship Monitor)

Black, Hispanic, and Asian entrepreneur statistics
According to the Global Entrepreneurship Monitor, roughly 70% of entrepreneurs in the U.S. are White or Caucasian. However, Black, Hispanic, and Asian entrepreneurs continue to type new businesses at growing charges.

* 35% of Black business owners in the U.S. are women, compared with 27% for all business owners. (Guidant Financial)
* African American or Black ladies own 2.7 million companies in the united states (American Express)
* Latina or Hispanic ladies own 2.three million companies in the united states (American Express)
* There are about 6.four million businesses in the U.S. owned by ladies of colour, as of 2019. (American Express)
* Women of shade run 50% of all women-owned businesses in the us (American Express)
* Generally, Black business house owners in the U.S. are younger than the common enterprise proprietor. 67% of Black enterprise house owners are Millennials or members of Generation X, in contrast with 56% for all enterprise owners. (Guidant Financial)
* 31% of Black entrepreneurs in the united states are Baby Boomers, and 2% belong to the Silent Generation. (Guidant Financial)
* Latino-owned businesses in the U.S. make use of greater than three million individuals and grow the economic system by almost $500 billion every year. (Stanford Graduate School of Business)
* Between June 2009 and June 2019, the variety of Latino business owners in the united states grew 34%, outpacing the 1% progress amongst all business owners and the 6% decline among White business house owners. (Stanford Graduate School of Business)
* Between 2009 and 2018, the percentage of Latinos who had been self-employed in the us grew extra shortly than all other demographic groups. (Stanford Graduate School of Business)
* Latinos have the best price of recent entrepreneurship of some other demographic group in the U.S. On average, 440 out of every a hundred,000 Latino adults became entrepreneurs every month in 2019. (Kauffman Indicators of Entrepreneurship)
* For comparison, 240 Black adults, 290 White adults, and 310 Asian adults out of each 100,000 turned entrepreneurs each month in 2019. (Kauffman Indicators of Entrepreneurship)
* Asian entrepreneurs run 10% of all companies in the U.S. (Pew Research Center through U.S. Census Bureau)
* 92% of Asian entrepreneurs in the united states began new businesses out of alternative, quite than necessity in 2018. (Kauffman Indicators of Entrepreneurship)
* 86% of White entrepreneurs in the united states began new businesses out of opportunity, rather than necessity in 2018. (Kauffman Indicators of Entrepreneurship)
* 85% of Latino entrepreneurs in the us began new businesses out of alternative, quite than necessity in 2018. (Kauffman Indicators of Entrepreneurship)
* 81% of Black entrepreneurs in the us started new businesses out of alternative, somewhat than necessity in 2018. (Kauffman Indicators of Entrepreneurship)

Entrepreneur funding and revenue statistics
Entrepreneurs in the united states typically rely on a combine of money, gifts and loans from family and friends members, and different loans to get their companies off the ground. Additionally, the average entrepreneur tends to make greater than the typical non-entrepreneur.

* 58% of small companies in the us begin with less than $25,000, and one-third start with less than $5,000. (Kabbage)
* Cash is the most popular small enterprise financing technique in the us, with 37% of homeowners using it to begin their companies. (Guidant Financial)
* 13% of small business homeowners in the U.S. use rollovers as enterprise startups (ROBS) to begin their businesses. (Guidant Financial)
* 10% of small enterprise homeowners in the us rely on family or friends to finance their businesses. (Guidant Financial)
* 9% of small business owners in the united states use unsecured loans, and 6% use U.S. Small Business Administration loans to start their businesses. (Guidant Financial)
* Accounting, on-line retail, and development and landscaping companies in the U.S. typically require the least amount of startup capital whereas eating places, medical offices, and manufacturing companies sometimes require essentially the most. (Kabbage)
* The common entrepreneur makes around $61,000 per 12 months. (U.S. Census Bureau)
* The average White entrepreneur makes around $64,000 per yr, in comparability with $50,000 for the common White non-entrepreneur. (U.S. Census Bureau)
* The average Asian entrepreneur makes around $63,000 per year, compared to $58,000 for the common Asian non-entrepreneur. (U.S. Census Bureau)
* The common Black entrepreneur makes round $38,000 per yr, in comparability with $35,000 for the average Black non-entrepreneur. (U.S. Census Bureau)
* The common Latino entrepreneur makes round $36,000 per year, in comparison with $33,000 for the average Latino non-entrepreneur. (U.S. Census Bureau)

Small enterprise statistics
Small companies make up the overwhelming majority of businesses in the us and employ tens of hundreds of thousands of Americans.

* There’s no single definition of a small business. Depending on the trade, small companies can have a maximum of one hundred staff all the greatest way as a lot as a maximum of 1,500 workers. In basic, they can’t have greater than $41.5 million in annual receipts. (U.S. Small Business Administration)
* There are 31.7 million small businesses in the U.S. (U.S. Small Business Administration)
* 99.9% of all businesses in the U.S. are small businesses. (U.S. Small Business Administration)
* Small businesses in the united states employed 60.6 million people, as of 2017. (U.S. Small Business Administration)
* Small enterprise staff made up forty seven.1% of all workers in the U.S, as of 2017. (U.S. Small Business Administration)
* Health care and social help, lodging and meals service, retail, and building corporations are the top small business employers in the U.S. (U.S. Small Business Administration)
* Small businesses in the us created 1.6 million net jobs in 2019, with the smallest firms (fewer than 20 employees) creating 1.1 million of these jobs. (U.S. Small Business Administration)
* 71% of adults in America consider that it’s simple to start a business. (Global Entrepreneurship Monitor)
* 70% of small business house owners in the united states report working more than 40 hours per week, and 19% report working more than 60 hours per week. (Fundera)
* 76% of small enterprise house owners in the us say they’re considerably or very joyful while only 13% report being considerably or very sad. (Guidant Financial)
* 92% of small enterprise owners in the U.S. say they do not remorse starting a business. (Fundera)

Small business success fee statistics
Running a business is difficult, however many extra new businesses survive than fail in their first few years of enterprise. Research shows that age (and additionally experience) performs an important role in entrepreneurs’ success.

Small businesses during COVID-19
Hundreds of thousands of small businesses have struggled significantly during the pandemic. At the same time, public confidence in small companies has soared to document highs, and hopeful enterprise house owners are applying for model spanking new enterprise applications at the fastest rate in additional than a decade.

* As of September 2020, roughly 164,000 U.S. companies have closed since the beginning of March 2020. That includes about ninety eight,000 everlasting closures and sixty six,000 short-term closures. (Yelp)
* Lawyers, real estate brokers, architects, accountants, health professionals, plumbers, and contractors have seen comparatively low business closure charges because of the pandemic. Meanwhile, eating places and retailers have been affected particularly strongly. (Yelp)
* 52% of small business owners in the U.S. say their companies will not return to normal till sometime in 2021. 20% imagine it will be someday in 2022. (National Federation of Independent Business)
* Roughly 20% of businesses in the us mentioned that as of August 2020, their gross sales remained at 50% or less of their pre-pandemic levels. (National Federation of Independent Business)
* 28% of companies in the united states mentioned their sales have been 50–74% of their pre-pandemic levels, as of August 2020. (National Federation of Independent Business)
* 50% of businesses in the us said their sales were again to their pre-pandemic ranges, as of August 2020. (National Federation of Independent Business)
* Americans submitted a median of 111,000 applications for model new companies per week between the end of June 2020 and the start of September 2020, probably the most purposes submitted per week since 2007. (U.S. Census Bureau)
* 75% of adults in the us had a fantastic deal or numerous confidence in small companies, as of June 2020. That exceeds confidence in the navy (72%), the medical system (51%), the police (48%), organized faith (42%), public faculties (41%), the us Supreme Court (40%), the presidency (39%), banks (38%), massive expertise firms (32%), organized labor (31%), newspapers (24%), the criminal justice system (24%), big companies (19%), television news (18%), and Congress (13%). (Gallup)
* Americans’ confidence in small businesses is at its highest degree since 2007. (Gallup)
* 87% of Republicans, 74% of Democrats, and 68% of Independents had a fantastic deal or quite lots of confidence in small businesses, as of June 2020. (Gallup)

Let’s take a better look at these COVID-19 entrepreneurs. Who are the courageous Americans beginning on-line businesses or organising bodily shops in their local communities, even when so many businesses have shuttered in the course of the pandemic, and why are they doing it?

Entrepreneurship has gradually turn into more of a preferred calling amongst folks of all ages, ethnic and demographic backgrounds, and expertise levels. And the COVID-19 pandemic—though destructive and tragic—has accelerated that pattern and opened up the trail for model spanking new, creative ideas.

Did you come up with a great enterprise thought while you had been on a quarantine hike? Or when you had been working out of exhibits to stream? Now’s the time to provide a new enterprise a go. Why not? Let us assist.

We’ll guide you thru all the paperwork—whether you wish to kind an LLC, sole proprietorship, nonprofit, or something in between—so you could give attention to the extra enjoyable features of bringing your business to life.

Sources: U.S. Census Bureau | Bureau of Labor Statistics