70+ Essential Entrepreneur Statistics in 2024

Entrepreneurs cite readiness to be their own boss as the most common reason for starting a business, followed by wanting to follow their passion.

96% of people who are self-employed have no desire to go back to a ‘regular job.’

1 in 5 entrepreneurs own or manage a business with family members.

Serial entrepreneurs run up to three businesses throughout their lives.

Control, fulfillment, and finances are the top three drivers of the next wave of self-employed professionals.

GEDI

88% of self-employed professionals focus on smaller and more integrated services.

Employees who currently work at small companies are more likely to start their own business, compared to those who work at larger companies.

When asked about control over their career, 22% of entrepreneurs like the flexibility to choose when or where they work.

1 out of 5 people haven’t taken the plunge to entrepreneurship because they are loyal to their current company.

A small business is defined as having fewer than 500 employees.

Most small businesses have fewer than 100 employees.

Only half of small businesses are estimated to survive 5 years or more.

Since 2019, there has been a 27% increase in people who are dissatisfied with corporate America and want to start their own business because of it.

83% of small business owners make less than $100,000 a year, while 30% take no salary.

New business owners in the U.S. are getting younger, with the typical age dropping from 38 to 34 years old since 2017.

Since 2017, the number of college graduates who are self-employed dropped by 8%.

Most U.S. business owners are white, holding a 80% stake in businesses overall.

Asian entrepreneurs run 10% of all U.S. businesses, making them the second largest racial or ethnic group.

Solo founders are 54% less likely to close their business.

20% of all U.S. businesses are owned by people of color.

In 2019, women in America started an average of 1,817 new businesses per day.

Across the globe, women are more likely to own sole proprietorships than men.

Female entrepreneurs earn 28% less than men in the U.S.

The rate of female “sidepreneurs” grew almost twice as fast as the total growth of female entrepreneurship.

Retail is the most popular industry for women-led small businesses.

In 2019, female-owned businesses earned an average of $142,900 compared to $474,900 for all privately held businesses.

A 50-year-old startup founder is 2.8 times more likely to found a successful startup as a 25-year-old founder.

Previous career experience in one industry can lead to greater success.

A college degree makes no difference on small business revenue.

The top three global cities for venture capital deals are San Francisco, New York, and London.

74% of small and medium business owners are willing to take big risks to ensure success.

35% of aspiring entrepreneurs worry about having a lack of inconsistent income, while 27% don’t have a fully developed business plan.

The first year in business is the most difficult according to two-thirds of owners.

65% of owners cited financial issues like cash flow visibility or access to capital as a reason for failure.

Looking at VC-backed companies, 42% of founders list failure to find market fit as a reason for failure, while 29% list they ran out of money.

The percent of people who would not start a business for fear of failure is the lowest in the Republic of Korea (7%), while the next lowest are in Switzerland, the Netherlands, and Italy.

68% of owners are very concerned about the impact of COVID-19 on business.

Across the U.S., about 26% of small businesses (2 million) with fewer than 250 employees are in the immediate risk category.

One in eight startups have seen their revenue increase since the beginning of COVID-19, mainly in B2C companies.

56% of minority small-business owners are optimistic about the economy post-COVID-19.

Two-thirds of teens would still consider starting a business or being an entrepreneur when they’re older, despite COVID-19.

On average, employee counts are down by 40%.

The median business has less than one month of cash on hand.

One in five small businesses are not currently affected by the outbreak, but 77% expect that to change if COVID-19 spreads.

Since the start of the crisis, North American companies have reduced headcount the most (84%), followed by Europe (67%) and Asia (59%).

“It’s having a product that is so high-quality, people come back for it.”

“Putting your ego aside and really taking a minute to process what somebody else’s idea is—even if you are sure that yours is the very best.”

“As an entrepreneur, you write your own future. The harder you work, the higher the probability of being successful. You need to have passion, be willing to take risks, and continuously recognize opportunities.”

“Entrepreneurship requires a strong love for the work you’re doing. If your heart’s not in it, you can only go so far. Prioritize honest self-talk, and leave space to flex as you develop.”

“When you really believe in your product, you are willing to deal with all the naysayers and persevere.”