So, you’ve got a unique, mind-blowing idea, grit, and the motivation to fight procrastination. But you’re still wondering, “Should I leap into entrepreneurship, or is my bubble better?”
Flash news: your comfort zone is your number one enemy! Why, you ask? It hinders your creativity, puts a stop to your professional growth, and waves goodbye to thrilling opportunities. In contrast, the entrepreneurial journey tests your commitment and forces you to prove your skills.
But you’ll realize it was worth it despite the times you’re pulling your hair out (just ask Bill Gates, whose first idea sank worse than the Titanic). Before you call the quits on your 9-to-5, let’s get into some stats sure to awaken your inner entrepreneur:
Stats to Fill Your Entrepreneurship Tank
Number Entrepreneurs Worldwide and in the US
The drive to say bye-bye to the corporate world and get your brain to spit innovative ideas is massive. You don’t believe us? Well, according to studies, there are over 594 million entrepreneurs worldwide.
You’re likely feeling inspired, right? There are approximately 31 million unique entrepreneurs in the US alone- that’s 9.29 of their landscape. Moreover, folks believe the number will skyrocket within the next five years.
Do They All Have College Degrees? Think Again!
Who says you need a Ph.D. to become a business owner? Not entrepreneurs! According to research, only 4% of entrepreneurs get a doctorate, and 18% do a Master’s.
So, if you’re tired of hearing, “You have to go to college if you wanna be successful,” this stat is for you: 30% of folks have a high school diploma. Furthermore, 31% have an associate’s degree, and 17% have a bachelor’s degree, so here’s your sign to chase those stuffed-away dreams.
What’s the Male-Female Distribution for Entrepreneurs?
Now that we know so many people are entrepreneurs, the question is, what’s the distribution? A positive response: 51.1% of women are penetrating the entrepreneurial world, and 274 million are innovators.
What does this mean for you as a woman? If your country is on this list, you’re in the perfect environment to unleash financial freedom and live that dream lifestyle:
- Latin and North America
- Caribbean Europe
- Middle East or Africa
For all the Central and East Asian women, the entrepreneurial world is enlarging as most folks seek exciting (and rewarding!) ways to take their wealth up a notch.
The Corporate to Entrepreneurship Journey
Who wants to stay stuck behind the desk for hours that never seem to finish? The answer is no one! But don’t let the motivation disappear as 58% of entrepreneurs had a taste of the corporate world before signing off and working on their revolutionary idea.
You don’t trust us? Even Steve Wozniak (yes, that Steve) and Phil Knight, the founder of everyone’s favorite sneakers (Nike), worked a not-so-boring job. Moreover, many of the entrepreneurs you look at for inspiration, like Sara Blakely and Daphne Koller, stayed employed while hustling.
Are All Entrepreneurs Enjoying Never-Ending Growth?
Unless you turn to grifters for entrepreneurial advice, you know this is a frustrating and stressful road. So, the question is, “Will I be showering in money as an entrepreneur?”
According to the latest stats, over six in ten startups (that’s 63%) enjoy profitability, so yes, you can too!
To Work in the Family Business or Not
You’ll meet people who love the excitement of joining a family business and those who’ll swear never to turn their heads in that direction. So, what do the stats say?
We’ll let you in on a secret: family-run businesses are still booming, and about 1/5 of entrepreneurs manage it with their loved ones. Furthermore, many parents seek to fortify their businesses and pass it on to their little ones when they grow up.
Why Everyone Wants a Piece of the Entrepreneurial Pie
Millions of people are or want to be entrepreneurs; why? There are innumerable reasons, and the one at the top is to be the one in charge!
It’s no surprise that 55% of entrepreneurs shut the doors to corporate life since most of us want to be the ones calling the shots in our professional lives. Moreover, 39% of folks quit because they want to do more than sit at a 9 to 5 and daydream.
There’s another reason- entrepreneurs see opportunity whereas others see barren land, which is why 25% of people leap. So, if you relate to any of these, it’s your inner entrepreneur speaking.
Will I Become a Millionaire as an Entrepreneur?
Before you cross your fingers and start a side hustle, many folks ask themselves, “Is this really going to work? Will I start earning that sweet million dollars or cooking a recipe for a burnt-out disaster?”
While there’s still no tech to sneak peek into the future, here’s an entrepreneur stat to get you excited: the majority (that’s 67.7%) of the wealthiest people are self-made. So, what’s stopping you from banking a six-figure?
How Diverse is the Entrepreneurial Landscape?
Let’s look at the entrepreneur world through a new lens- the minorities. According to a Guidant Financial study, 72% of black-owned startups in the US bask in the profits.
So, what are the best industries for African Americans? The stats say most black entrepreneurs turn to business, health, beauty, fitness, or food service. But you can think beyond, such as in retail, contracting, or anything in between.
Before you scratch your head, wondering what the cash flow is like, it is (unfortunately) a challenge and goes with their advertising concerns. On a brighter note, approximately three-fourths of folks are profitable.
Here’s Where Entrepreneurship Is Thriving
What’s the best country to channel your entrepreneurship powers? We’ve got the Global Entrepreneurship Index, ranking between 0 and 100.
The top five include America, Switzerland, Canada, England, and Australia, with numbers between 83.6 and 75.5. Further down the list are Denmark, Iceland, Ireland, Sweden, and France- if you see your homeland, you better grab a pencil and start brainstorming.
Top 3 Financial Challenges
It’s no shocker that the top challenge for entrepreneurs (and your small businesses) is cash flow. According to studies, folks need at least $10,000 from the get-go.
Therefore, 13% of aspiring solopreneurs and startups are their rollovers, whereas another 10% turn to their loved ones, friends, and family. Will you face any other challenges as a newbie? We hate to say it, but yes, the top three are recruitment, inflation, and cash flow.
The Best Age to Swipe the Entrepreneur Status
There’s no ‘this is when you should become an entrepreneur, as there are children prodigies and those who give business a shot in their 50s. Still, it’s useful (and motivating) to know when people start their entrepreneurial journey, right?
Well, the studies are in, and the average businessperson is above 40, so stop telling yourself, “I’m running outta time!” Moreover, the average founder is 45 years old, and an entrepreneur is 42 years old. So, there’s plenty of time to experiment and grab six or seven figures.
How Many Businesses Are Too Many?
Here’s a secret no one else tells newbies: you’re likelier to fail than succeed on your first try. You’ve got Walt Disney, Thomas Edison, Oprah Winfrey, and Steve Jobs- all people who had their first taste of failure before making it big.
So, if your first idea doesn’t make you wildly famous, take a deep breath and restart. Besides, most entrepreneurs run approximately three unique businesses.
Baby Boomers and Gen X for the Win
Pause and rewind when we say, “Many folks start their entrepreneurship journey in their 40s.” Now, let’s look at it in easier terms- generation-wise.
According to research, over 45% of small business owners are baby boomers, 46.5% are Gen Xers, and the baby boomers and Gen Z make up 1% of entrepreneurs.
The Road to Happiness- Entrepreneurship
If you’re a serial overthinker, you’ll love this stat: 39% of small business owners are “very happy,” and only 4.5% are “very unhappy,” so there are good things to look forward to!
Moreover, over 73% of female business owners and 67.7% of entrepreneurs of color report feeling somewhat or very happy.
How Much of the Entrepreneurial Landscape is Minorities?
The entrepreneurial landscape is super diverse, which is why there are over 8 million minority-owned startups across the US. According to the stats, 64% of all entrepreneurs are white people, whereas 14% are African-American-owned small businesses.
Furthermore, research shows that 8% of entrepreneurs are Latinos and Hispanic people.
It’s Okay to “Not Feel” like You’re About to Rule the World
While most entrepreneurs feel like they’re on cloud nine, 34% report feeling somewhat unconfident. On a positive note, over three-quarters expect to survive and thrive through the spikes and volatility of the economy, while 20% are a little unsure.
Whether you fit in the first or second category, it’s okay to feel confused or frustrated when you step into the entrepreneurial world for the first time!
Planning to Start Your Business? Do not Think Twice.
Are you planning to start your own business?? Well, do not think twice! Many people in the US and even around the globe have quit their jobs to start their businesses. Is it risky? Yes! But according to the stats, 42% of those earning hefty salaries have also resigned from their jobs to start their business.
Entrepreneurship may seem risky at first, but the appeal it brings by quitting the corporate world is something undefinable. Most people quit their jobs in the corporate world to follow their passion. Are you amongst them? Well, passion is the heartbeat of many ventures we see around.
Do you know that 31% of entrepreneurs started their business without thinking about the return they would get from the company? Their driving force was their PASSION! They followed their heart, took the challenge, and started a new venture. Result? Well, everything depends on the amount of hard work you do!
Furthermore, entrepreneurship brings a sense of freedom to people. Therefore, many employees who fail to follow instructions quit their jobs to become their own bosses. Nearly half of all business owners, 47.7% of people, enjoy being their own bosses at work.
Well, who wouldn’t want this respectable position at work? However, it all comes with the courage to take up a challenge. People who are brave enough to take up such a challenge often ace in their field of interest.
Dissatisfaction is also a major cause of people leaving their jobs. Many people do not tolerate the harsh and disrespectful behavior practiced in the workplace. Although this practice is something that shouldn’t be encouraged at offices, sadly, many employers believe in insulting their employees to get them to work.
Therefore, the outcome of such behavior is RESIGNATION! Many people resign because of impolite attitudes at the workplace. More than half, 60.9%, of employees resign from their jobs because of dissatisfaction at their workplace. This discontentment motivates them to look for alternative paths where they have greater control over their choices and decisions.
Looking for New Business Ideas? Read here
When planning to start a new business, one of the most confusing tasks is to think about where to invest. There are innumerable ideas that can bring you exceptional profits. However, you must think about businesses where you can excel.
The industry has numerous opportunities for entrepreneurs. However, determining your niche is a major task before you invest your money into any business. Since COVID-19, many people have quit their jobs to start their own businesses.
With remote working becoming a new trend with the pandemic-19 hitting the world, many people who got laid off from their jobs looked for alternative methods to generate revenue. And what other way than to start your own company?
If you are curious and looking for new ideas to start your business, here is a tip! Look at the recent trends in the market. This will give you an idea of where to step in. Do you know after the pandemic-19, only 18,369 new home services businesses started in the US? Yes! It may not look like a huge number, considering the size of the country. But this is a great motivation for people who wish to become entrepreneurs.
Also, starting home-based services does not require a hefty amount of investment. Therefore, if you are looking for business ideas requiring less investment, you can look for something similar. However, you must understand that starting a new business is no joke. You must bring innovation and creativity into your business to keep your audience engaged.
Have a Limited Budget? Do not worry!
We all must have experienced financial crunch. But how many of us came up with a business idea during these tough times? Very few! Unfortunately, when we are hit by financial setbacks, all we care about is paying bills and buying groceries. However, there are people who take such situations as an opportunity to start their venture.
You can now start your business even with less to no investment. Isn’t that great? Entrepreneurship is an excellent start to showcase your talent to the world. There are many people around us who started their venture with a limited budget. Do you know that one-third of small businesses start with an investment of less than $5K? Sounds fake?? Well, stats show that there are numerous businesses that require minimum investment.
Moreover, if you have more than that— that’s amazing!! However, $5k is the minimum that you need to jump into the entrepreneurial world. According to the statistics, 66% of entrepreneurs who kickstart their ventures pool their funds. However, when they face a financial crunch while running their business, they would turn to their loved ones for help.
1 in 4 entrepreneurs seek help from their friends and families when they fall short of personal funds. This communal backing highlights the importance of strong relationships and networks that you must have in the entrepreneurial journey.
To Sum it Up
Entrepreneurship is a journey with lots of different parts. People around the world take up this journey to create new things and solve problems. Here, we have talked about how entrepreneurship has taken different industries. Moreover, the plus point of starting your own business is that you do not need a degree in that specific field. Many businesses that you plan to start may require skills more than an educational degree.
Furthermore, entrepreneurship is not limited to gender. Men and women can start their businesses if they have the right skills and expertise in their fields of interest. Many people gain experience by working at big firms before they start their own businesses. Being an entrepreneur isn’t a piece of cake. Managing money and deciding whether to expand the business takes up a lot of thinking and calculating.
However, even with these challenges, many people prefer being their own bosses at work. Why is that so? Because the sense of freedom and happiness that entrepreneurship brings is exceptional. People who run their own businesses feel fulfilled because they are following their dreams and making a difference.
So, entrepreneurship is not just about numbers. It is about people being creative and hardworking and never giving up, even when the tough gets going!
