25 Entrepreneur Statistics (Income, Trends, Opportunities, 2024)

Entrepreneurs are unique. They identify opportunities in the market, innovate, and take calculated risks. Notably, entrepreneurs exhibit a deep passion for their work and devote endless hours to achieve their goals.

Despite the glamorous and exciting image that entrepreneurship often presents, there are numerous hidden challenges and difficulties that successful entrepreneurs overcome to succeed. Yes, the entrepreneurial journey is not without its challenges. In fact, many new businesses fail within their first few years.

These entrepreneurship statistics provide valuable insights into the entrepreneur landscape in different regions and industries. They shed light on the opportunities and challenges that business owners face. By studying these entrepreneur statistics, business owners, policymakers, and investors can make informed decisions and develop strategies to support their entrepreneurial ventures.

Entrepreneurship Statistics: Overview of Global Business Trends

1. Men are 1.5x more likely to pursue self-employment than women for financial reasons (21% vs. 14%).

(FreshBooks)

FreshBooks reports there is a shift in attitude among individuals pursuing self-employment.

The reasons for entrepreneurship have expanded beyond career control, job fulfillment, and financial gain. Health and wellness have become increasingly compelling factors for individuals leaving traditional jobs.

Interestingly, 60% of new entrepreneurs who have left their traditional jobs reported lower stress levels. Other benefits indicated by new entrepreneurs are:

• 68% of new entrepreneurs say they have a better work-life balance.
• 46% say they are in better health than when they were employed.

Up to 65% of new entrepreneurs say they do not envy people with traditional jobs. This suggests that entrepreneurs are satisfied with their pursuits.

Still, 53% of entrepreneurs say they have to work harder compared to when they were employed. Nevertheless, 57% of those entrepreneurs who work harder also reported making more money.

2. United Arab Emirates (UAE), with a NECI score of 6.8, is the best place to start a new business.

(Global Entrepreneurship Monitor 2022, World Economic Forum)

Governments have to create optimal conditions to foster a successful business culture. It is unsurprising that high-income economies are the best places to start a new business compared to middle-income and low-income economies.

Some 50 economies participated in the GEM survey. Of these, Saudi Arabia (from 5.0 in 2019 to 6.1 in 2021), UAE (from 5.8 to 6.8), and the Republic of South Korea (from 5.1 to 5.7) experienced the most significant increase in their NECI scores.

The Global Entrepreneurship Index evaluates government policies. It then assigns a NECI (National Entrepreneurship Context Index) score to determine which countries are the best to start a new business.

As of 2022, six of the top ten economies to start a new business are from Europe, three are from the Middle East, and one is from Asia.

Only two economies have experienced a decline in their NECI score since 2019: Qatar (from 5.9 in 2019 to 5.5 in 2021) and Luxembourg (from 5.2 to 4.9).

Here are the NECI scores of all the economies that participated in the GEM’s Global Entrepreneurship survey:

3. The business startup survival rate has increased from 78% in 2020 to 81% in 2021.

(Kauffman Early-Stage Entrepreneurship, 2021)

The business startup survival rate saw an upward trend from 75.2% in 2009 to 79.4% in 2019. But COVID-19 had a negative impact on many startups in the country from March 2019 to March 2020.

Although the business startup rate is increasing again, the number of jobs created by new businesses is still lower than during pre-pandemic levels.

According to Kauffman’s entrepreneurship growth statistics:

New businesses in the US hired 4.7 people per 1000 people in 2021, which is a decrease from 5.1 people per 1000 people in 2019.

Kauffman’s report also indicates that entrepreneurs in the US are starting new businesses because of opportunity rather than necessity. In fact, the opportunity share of new entrepreneurs rose significantly in 2021, from 69.8% in 2020 to 80.9% in 2021.

Kauffman created a KESE Index using four key indicators:

• Rate of new entrepreneurs,
• Opportunity share of new entrepreneurs,
• Startup early job creation,
• Startup early survival rate.

Due to the pandemic’s effects, the KESE Index decreased from 1.2 in 2019 to -0.1 in 2020, the most significant one-year drop in the past 25 years.

The KESE Index, due to the pandemic impacts, dropped from 1.2 in 2019 to -0.1 in 2020, the most significant single-year drop in the last 25 years.

However, it did see a sharp rebound in 2021 — from -0.1 in 2020 to 2.2 in 2021, indicating a favorable economic climate for starting a new business.

4. 79% of small businesses with a website expect to grow 25% in the next 3-5 years.

(GoDaddy)

At least 70% of US entrepreneurs expect their businesses to grow by 25% in the next 3-5 years.

However, there is an interesting finding by GoDaddy: Small business owners with a website are more confident in their business growth prospects than those without one (79% vs. 64%).

Despite this, only 38% of all businesses globally have a website. Many entrepreneurs rely on social media (24%) and ecommerce marketplaces (5%) instead. In the US, only 44% of small businesses have a website.

According to a report by GoDaddy, most businesses think that designing a website is expensive and only big businesses can afford it. However, it is crucial to note that creating a website is not an expensive luxury. It is affordable and necessary for all businesses.

As highlighted in small business statistics, 68% of US customers say they would shop more from a small business if they could purchase the items online.

Entrepreneurship Statistics: Global Emerging Trends and Opportunities

5. 8 of 10 adults in India say it is easy to start a new business, but only 20% intend to start one in the next three years.

(Trends in Entrepreneurship, WEF)

It is fairly common for people to find it easy to do business yet still not have the intention to start one.

In the UK, 70% of adults believe it is easy to start a business there. But only 10% intend to start one in the next three years.

This indicates that adults in most countries see good opportunities to start new businesses. Yet, they hesitate to pursue them due to the fear of failure.

The World Economic Forum emphasizes that it is the responsibility of the government to create startup-friendly policies. Startup-friendly policies will provide the necessary early support for professionals who wish to start their own businesses and boost their chances of success.

6. 95% of American entrepreneurs intend to be their own boss in the foreseeable future.

(FreshBooks)

Of the new business owners (2 years or less in business), 75% say entrepreneurship is the best career choice for uncertain times like COVID-19.

Nearly 84% say COVID-19 was partly the reason for pursuing entrepreneurship. Even so, 63% say they will continue to be their own boss and not return to their jobs.

According to the FreshBook survey, people engaged in corporate America are also contemplating entrepreneurship. More than 40% of conventional workers say it is likely that they will pursue self-employment in the next two years.

The vital data to note is over 86% of traditional workers say they want to pursue entrepreneurship in the future. In contrast, 14% say they will be forced to choose.

Over 50% of conventional workers say “entrepreneurship” is one of their top goals in life.

Another exciting aspect of post-COVID entrepreneurship is the rise in the adoption of technological tools. Businesses are looking to use tools to manage remote teams, bring business online, and adopt new business models.

But over 60% of business owners say it was challenging for them to adopt these technologies.

FreshBook reports adopting small business tools does not have to be complicated. For instance, you can use an online store builder or website builder to bring your business online. Furthermore, businesses can use reliable CRM tools to manage customers and practical collaboration tools if they are looking to manage remote teams.

7. Retail (18%), food and restaurants (12%), and residential and commercial services (7%) continue to be the top industries leading in the small business sector.

(Guidant Financial)

The Guidant Financial Small Business Report indicates that retail (both storefront and ecommerce) continues to be the largest small business industry in 2023. Retail accounts for 18% of all businesses.

Following that, food and restaurant (12%), health and beauty (10%), construction and contracting (8%), and residential and commercial services (7%) are the second, third, fourth, and fifth largest sectors in small business, respectively.

The lodging and manufacturing sector represents the sixth largest industry, making up 6% of all small businesses worldwide.

Many entrepreneurs believe the US economy is headed toward a long-term recession. The Guidant Financial Small Business Report indicates that only a small proportion (19%) of business owners do not think the US is headed toward a recession.

8. Kids (51%), web design (7%), and product development (4%) are the most common skills on the entrepreneur’s resume in 2023.

(Zippia)

The word “kids” appeared as the top skill on over 51% of entrepreneurs’ resumes. This means that entrepreneurs have designed a program for the betterment of kids. Entrepreneurs have also worked in high schools to help kids with their mental, financial, social, or behavioral difficulties.

Business plans (4.3%), financial statements (4.1%), business models (2.5%), and ROI (2.3%) are other top skills found on the entrepreneur’s resume.

The three most common soft skills on the entrepreneur’s resume are communication, leadership, and management.

A majority of successful entrepreneurs say they had good work experience before they started their own business.

According to Zippia’s entrepreneurship statistics:

30% of solopreneurs have 1-2 years of job experience. Less than 10% of self-employed professionals say they had less than a month or no job before starting their own business.

Entrepreneurs’ most common jobs were internships, sales associates, and customer service representatives.

Statistics on Entrepreneurship in Corporate America

9. Americans created 2.8 million microbusinesses in 2020. An increasing percentage of these were women and people without college degrees.

(GoDaddy National Economy Survey 2021, GoDaddy Venture Forward Report 2022)

In 2020, 2.8 million micro-businesses were established in the United States, with a growing percentage of women and individuals without college degrees among them.

43% of these entrepreneurs classify themselves as “resource-constrained,” while 30% identify as “resource-comfortable.”

More than 40% of entrepreneurs who started their businesses out of necessity faced difficulty raising capital vs. 25% of “resource-comfortable” entrepreneurs.

Despite a lack of funds, 80% of resource-constrained entrepreneurs said they had an ecommerce store. In comparison, only 63% of all new microbusiness owners have a website globally.

GoDaddy reiterates that some entrepreneurs shy away from starting an ecommerce business due to perceived high costs.

But there's good news for solopreneurs: there are affordable ecommerce platforms and even free ecommerce store builders available to help them kick start their online business aspirations.

According to data from GoDaddy, more than 55% of entrepreneurs began their businesses with less than $5,000.

Of these:

• 69% used personal funds to start their entrepreneurial journey.
• 16% of business owners started their business venture without any funds; when asked, they said they did not need funds for their business startups.
• And the remaining 15% obtained credit from a bank, friends, investors, or other sources.

The good thing is that almost all small businesses with a website saw traction in 2022.

10. 20% of small businesses fail within the first year; within the first ten years, 70% of businesses fail.

(US Bureau of Labor, Entrepreneur)

According to the US Bureau of Labor:

2 out of 10 small businesses fail within the first year, and 30% fail by the second year. By the end of the fifth year, 50% of businesses fail, and after ten years, only 30% of businesses will remain.

These statistics from the Bureau of Labor can be discouraging as they suggest that most businesses fail.

However, it is essential to note that several variables are not considered while calculating these entrepreneurship statistics, such as the definition of failure, industry variance, and outlier events like COVID-19. The US Bureau of Labor study also relies on a fixed number of reported businesses.

Today's Entrepreneurs: Demographics & Characteristics of Business Owners

11. The most common ethnicity among US entrepreneurs is White (70.9%), followed by Hispanic (14.3%), Asian (6.2%), and African American (6.0%).

(Zippia Entrepreneur Demographics)

Overall, Zippia's report on US entrepreneur demographics, education, and average pay provides several interesting insights. Some of the key entrepreneur statistics from Zippia are:

• 58% of US entrepreneurs are men, while 42% are women. Among them, 10% belong to the LGBT community.
• 63% of US entrepreneurs are over 40 years old, and 30% are between 30-40 years old.
• On average, women business owners make 91 cents for every US$ 1 earned by men.
• Asian entrepreneurs have the highest salary (averaging US$ 82,000 per annum) compared to any other ethnicity in the US. African American entrepreneurs make the median income (averaging US$ 73,500 per annum).

A bachelor's degree (62%) is the most common degree among US entrepreneurs, followed by an associate degree (14%), a master's degree (11%), a high school diploma (6%), and others (7%).

Most US business owners major in business (31%), followed by marketing (7%), accounting (6%), and finance (5%).

Zippia's entrepreneurship statistics also state that the education level correlates with the median income. For instance, on average:

• A business owner with a doctorate earns more than one with a master's degree (US$ 110,696 vs. US$ $110,072 per annum).
• And a business owner with a bachelor's degree earns more than one with a high school diploma (US$ $93,895 vs. $82,027 per annum).

Entrepreneur Statistics: Women Are Now at the Forefront of Entrepreneurship

12. 80% of female business owners believe their careers will advance more quickly as entrepreneurs compared to employees (up from 69% in 2020).

(FreshBooks— Women Owned Businesses)

When it comes to female employment, especially in traditional job roles, problems like lower pay, gender discrimination, and inadequate mentorship have always limited their career growth. The good thing is most women see female entrepreneurship as a solution to overcome these challenges.

As a result, more and more women are pursuing the path of entrepreneurship.

According to FreshBooks entrepreneurship stats, women pursuing self-employment are happier. They also feel their careers will advance more quickly compared to when they hold traditional job roles.

• More than 80% of female entrepreneurs say they feel happier after being an entrepreneur than when they held traditional jobs.
• 70% of female business owners say they have much more control over their job than before.
• 75% of women entrepreneurs say they make the same or more money.
• 69% say they have a better work-life balance.

Additionally, 78% of female entrepreneurs say they feel less stressed. Or do not take additional work stress compared to when they held traditional job roles.

Not only this, but women also feel they do not have to work any harder than men to run their businesses. Over 75% of women agree with the statement.

This means only 1 in 4 women entrepreneurs still think they have to work harder than men when they are self-employed. In the 2020 Annual Entrepreneurship statistics by FreshBooks, more than 1 in 3 women said they worked harder than their male counterparts. This indicates that the trend of gender discrimination is going in the right direction.

Another significant point is that women feel they are taken more seriously as entrepreneurs than before. Some 44% of women entrepreneurs say they are taken as seriously as their male counterparts.

Additionally, 51% of women entrepreneurs say they get paid equally as men for equivalent work.

13. Women represent 1 in every 3 high-growth entrepreneurs and innovative entrepreneurs globally.

(Global Entrepreneurship Monitor)

According to GEM, high-growth entrepreneurs and innovation entrepreneurs are those that are focused on national and international markets.

In high-income economies, the proportion of men and women engaged in high-growth entrepreneurship and innovation entrepreneurship is about equal.

However, in low-income economies, women are less likely to be active in business and invest less compared to their male counterparts.

The Global Entrepreneurship Index also indicates that there is a large difference between men and women in their choice of industry and business size. For instance, women are more engaged in the social services sector compared to men (18.5% versus 10.1%, respectively).

Similarly, men are more engaged in IT, computers, and technology than women (4.7% versus 2.7%, respectively). It is important to note that industries that revolve around IT, computers, and technology roles draw the most dollars from venture capitalists and private funding.

When it comes to retail and wholesale, the presence of women and men entrepreneurs worldwide is equal.

Another important piece of data on female-owned businesses is the difference in the business size chosen by women and men entrepreneurs.

According to the WEF, female entrepreneurs are more likely to start a business with no employees. They are also less likely to grow their business to more than 20 employees, even in higher-income economies.

14. 72% of female entrepreneurs started their businesses because of job scarcity.

(Global Entrepreneurship Monitor, Women Entrepreneurship)

In comparison, only 67% of male entrepreneurs say that “job scarcity” is the motivation for starting a business. The main motivations for starting new businesses among male and female entrepreneurs are different.

For instance, 53% of women business owners say that the main reason for starting their own business is that they want to make a difference in the world, whereas only 51% of men say the same. In contrast, men are more likely to start their businesses because they want to build wealth (63.3% men versus 53% women).

In 2022, women-owned business startups were equal to or higher than those of men in the following five countries. The Dominican Republic (43.7% women versus 40.1% men) had the highest TEA rate (Total Early-Stage Entrepreneurial Activity) for women, followed by Kazakhstan, Morocco, Romania, and Spain.

At the same time, Poland had the lowest TEA rate for women, with only four women pursuing business startups for every ten male entrepreneurs.

15. There are over 1.1 million women-owned businesses in the US, employing over 10.1 million workers and generating more than US$ 1.8 trillion in annual receipts.

(Small Business Administration)

Women-owned businesses are active in a wide range of sectors and areas. Based on data from the Small Business Administration, healthcare and social services are the top industries for employment in women-owned employer firms, followed by accommodation and food services and professional, technical, and scientific services.

Demographically, African American women own 34.7% of these employer firms.

American Indian and Alaska Native communities own 36.8% of women-owned businesses. The remaining women-owned businesses are owned by white (19.8%), Asian (26.8%), and Hispanic (25.5%) communities.

Moreover, 40% of women-owned businesses are mature firms that have been operating for over ten years. These firms employ 59% of all women workers in the US and generate 70.4% of total retail sales.

On the other hand, 42% of women-owned businesses are relatively young firms that have been operating for five years or less.

Small Business Owners Statistics: The Role of Relationship Status

16. 28% of self-employed professionals who are not in a relationship do not pursue one because of uncertain financial status.

(FreshBook Self-Employed Singles Report 2022)

18% of solopreneur singles say it is difficult to foster relationships because of their unusual work schedule, and nearly half of the solopreneur singles say they are single by choice.

52% of single women entrepreneurs say they see self-employment as a challenge, and 40% of single men entrepreneurs feel the same.

46% of single self-employed people say not having a second source of income is a challenge.

Despite these difficulties, as much as 59% of solopreneur singles say it is easy to run a small business alone, and only 10% think otherwise.

Additionally, 4 in 10 solopreneur singles say it is easy to grow a small business independently; some 24% think it is challenging.

The reasons these single business owners say it is easy to run and grow a small business are best explained by the following statistics:

• 59% of single entrepreneurs say they do not have to feel guilty about how much they work.
• 51% say they love the freedom to concentrate on their career and professional growth.
• 46% love the idea of not having to take approval before making a decision.

17. 87% of entrepreneurs with pets say pet ownership has improved their mental health.

(FreshBooks — Mental Health)

Emotional support is often disregarded when it comes to starting, building, and growing small businesses.

Up to 80% of single self-employed owners who are men say they need emotional support, and 93% of women indicated the same. Of these, 45% consider family members and friends for emotional support.

However, only 39% of self-employed single women turn to loved ones for emotional support. In comparison, only 5% of men say they turn to loved ones for emotional support.

Of the single entrepreneurs surveyed by FreshBooks, 25% are pet owners. Of these, 87% say pet ownership has improved their mental health.

FreshBooks' entrepreneur statistics report that it is essential for single entrepreneurs to look for emotional support for personal well-being, and they could turn to either a friend, family member, or four-legged friend.

Entrepreneur Statistics: Average Income of Small Business Owners

18. Small business owners in the US earn an average annual income of US$ 71,690, which is 21% higher than the average income of private sector employees.

(Experian, Zippia)

According to Experian entrepreneurship data, small business owners in the US have an average income of US$ 71,690 per year.

Business owners engaged in finance, insurance, and real estate earn the most at US$ 80,500. And those in agriculture, fishing, and forestry earn the least at US$ 57,800.

Additionally, small businesses are more likely to use technology than the general population, with a 30% higher likelihood of using computers and a 54% higher likelihood of using email services.

This presents an opportunity for B2B marketers to tailor their campaigns to small business owners who can be easily reached via email. A successful email marketing strategy and reliable email marketing tools are crucial for connecting with this target audience.

Another useful data point for marketers is the average age of a business owner in the US, which is 50.3 years.

However, the most attractive small business statistics are small business owners' consumer and commercial credit scores. Some of the essential findings are:

• 61% of small business owners in the US have a stable consumer credit score vs. 53% with a durable commercial credit score.
• 24% of small business owners say their commercial credit score has declined over the years vs. only 16% who say their consumer credit score has declined in the past years.

These revealing entrepreneurship stats indicate that the majority of small business owners in the US were able to meet both their personal and business obligations.

The Use of Digital Tools by Entrepreneurs

19. 63% of small business owners worldwide use digital channels for advertising and sales.

(Facebook)

According to online retail statistics, more than 40% of small businesses worldwide use digital advertising channels. Over 50% use them to communicate with customers. In addition, about 30% of small businesses use them for sales.

Facebook’s entrepreneur statistics report that small businesses also use digital tools for collaboration between teams (more than 15%), like online collaboration tools and team communication tools.

• 20% use digital tools like compliance automation tools to comply with legal and regulatory requirements.
• And more than 10% of small businesses use digital tools for hiring, like applicant tracking tools and HR software.

The good news is that more than 30% of small businesses report an increase in sales due to the use of digital tools. Some 15% of small businesses also report they were able to decrease operating costs and the cost of sourcing goods and services because of digital tools.

These entrepreneurial statistics indicate that the use of small business tools benefits us by decreasing operating costs and increasing sales.

Here's an image displaying the benefits experienced by small and medium-sized businesses (SMBs) when using digital channels across various regions:

Embracing Intrapreneurship: Important Statistics for Business Success

20. 88% of Fortune 500 companies in 1955 were no longer present in 2015.

(Deloitte’s Intrapreneurship Report)

According to machine learning statistics and an artificial intelligence statistical report, many enterprises fail because they do not adopt new technology trends.

In fact, Deloitte reports many of the Fortune 500 companies were acquired, or in most cases, went bankrupt because of failing to adapt to emerging technologies.

Deloitte’s intrapreneurship statistics suggest that most companies focus on optimizing current products. And fail to harness innovation.

That’s why every company should take a two-pronged approach to speed up its growth.

First, improve the current processes.

Second, companies should leverage the intrapreneurial skills of their employees. For that, enterprises don’t have to create entrepreneurs. Instead, they need to discover and appreciate employees with intrapreneurial skills.

According to Deloitte’s research, 20% of employees have entrepreneurial skills. And all organizations must do is realize their ideas.

Enterprises can turn entrepreneurs into intrapreneurs by changing the management approach. That is:

• Support employees that are open to sharing new and unique ideas.
• Give autonomy and responsibilities to employees.
• Offer motivation and rewards to employees based on entrepreneurial performance.
• Give them time and resources to come up with innovations. For instance, Google allows its employees to work on their projects one day per week (the “20% Rule”).

21. More than 65% of small companies are currently profitable, of which over 50% have been in business for less than five years.

(Guidant Financial)

35% of small businesses are yet to become profitable. As business wisdom says, it takes up to 3 years to become profitable.

Since more than 50% of businesses are new, it is surprising that most new businesses are also profitable. However, it is crucial to account for the hardship of the pandemic and the economic crisis.

Here’s an outlook on the strategies of these small businesses in 2023:

• 52% of small business owners cite that they are focused on growing in their current location.
• 12% of small businesses want to open in a different location or start a new service.
• 10% of small businesses want to cease their operations this year.
• The other 26% of small businesses want to sustain their current conditions.

22. Increasing staff (51%), remodeling their business (41%), and investing in digital marketing (39%) were the top three priorities of small businesses in 2022.

(Guidant Financial)

No doubt, the small businesses' top priority was increasing staff. It is important to note that 2021 was regarded as the year of the Great Resignation.

But it was also more complex to recruit new staff. In fact, over 70% of small businesses indicated that hiring was more challenging in 2022 than in previous years.

In response, over 63% of small businesses increased compensation. 22% cite they had to increase their advertising efforts. Over 17% increased staff benefits, and 16% offered signing bonuses to new employees.

Besides recruitment and retention, small businesses also cite cash flow issues (31%), administrative work (23%), and COVID-19 response measures (32%) as significant challenges they faced in 2022.

Still, almost all small businesses invested in tools and technologies. For instance:

• 23% of small businesses invested more in traditional marketing channels, like face-to-face meetings, TV and print advertising, etc.
• 14% of small businesses indicated they invested in business technology solutions, like business intelligence software.
• Some 12% invested in information services solutions, like VoIP software, cloud storage solutions, etc.

23. Communications (54%), teamwork (46%), and sales (38.4%) were the essential employability skills demanded by small business owners in 2022.

(Guidant Financial)

Critical thinking (36%) and adaptability (36%) were also reported by small business owners as crucial employability skills.

However, most small businesses say they couldn’t find qualified employees.

More than 30% of small business owners indicated that most candidates lacked critical thinking and communication skills. Additionally, most small businesses indicated candidates commonly lacked time management and adaptability.

The lesson to be learned here is that most small businesses expanded their training programs instead of solely relying on finding qualified employees.

Entrepreneurs Statistics: Challenges, Issues, and Problems Faced by Entrepreneurs

24. “No cash to invest” (28%) and “the need to complete training” (21%) are the most common hard barriers for people who can't start their own business.

(FreshBooks)

The third biggest barrier to starting a business, according to 20% of respondents, is the desire to keep their health benefits.

In addition to hard barriers, there are also soft barriers that prevent people from starting their own businesses. FreshBook's entrepreneur statistics indicate that the most common soft barrier among Americans is inconsistent income (35%).

27% of Americans worry about making less money, while 27% say they need a complete plan to pursue entrepreneurship.

25. Only 3 in 10 microbusiness owners are aware of government assistance and programs.

(GoDaddy)

According to GoDaddy, only 3 in 10 microbusiness owners are aware of government assistance and programs. More than 80% of micro-businesses do not have an employee identification number (EIN), indicating that the government is unaware of these businesses in their communities.

GoDaddy's entrepreneur statistics show that business owners who are aware of local programs are twice as likely to feel optimistic about government policies compared to entrepreneurs who are not aware.

The Importance of Entrepreneur Statistics in Planning a New Business Strategy

These entrepreneur statistics provide valuable insights into the current state of entrepreneurship worldwide, allowing you to identify opportunities for business growth and expansion. For example, the Global Entrepreneurship Index suggests that the UAE, Netherlands, and Finland are some of the best countries to start a new business.

Furthermore, recent market trends and consumer preferences inform about the products and services in demand, enabling you to create products that meet consumers’ needs.

Moreover, information on the tools and technologies used by your competitors can assist you in gaining a competitive advantage.

By analyzing and interpreting these statistics, you gain valuable insights into the market, consumer behavior, competition, and industry benchmarks. So, both new and existing business owners can make informed decisions and increase their chances of success.

Sources

1. FreshBooks 2021 Annual Survey of US Entrepreneurs
2. Global Entrepreneurship Monitor
3. Trends in Entrepreneurship, WEF
4. GoDaddy 2022 Entrepreneurship Survey
5. Kauffman Early-Stage Entrepreneurship, 2021
6. Zippia’s Entrepreneurs Resume
7. Bureau of Labor — Survival of Private Sector
8. Entrepreneur — Failure Rate of Small Businesses
9. FreshBooks — Mental Health
10. GoDaddy National Economy Survey 2021
11. GoDaddy Venture Forward Report 2022
12. Zippia Entrepreneur Demographics
13. FreshBook's Women Entrepreneurs
14. Deloitte’s Intrapreneurship Report
15. FreshBook Self-Employed Singles Report 2022
16. GoDaddy — Venture Forward 2022
17. Experian — Insights into Small Business Owner
18. Guidant Financial — State of Small Business

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