10 Encouraging Small Business & Entrepreneurship Stats

There’s no shortage of down right terrifying statistics about small business ownership and entrepreneurship. If you’re looking for a reason to NOT start a business, you’ll find a plethora of data to support that decision. [Check out our blog for more Small Business insights] The purpose of THIS article is to provide the entrepreneur, (aspiring or otherwise) with a few statistics that may encourage one to take the leap into business ownership and/or to stay the course.

10 Encouraging Small Business & Entrepreneurship Statistics:

1. In 2020, there were 33.7 million small businesses in the United States, accounting for 99.9% of all businesses.((U.S. Small Business Administration Office of Advocacy 2020 Small Business Profile))

2. 12.3 million businesses in the United States are owned by women with 47.8% of these businesses owned by women of color. 1,625 businesses were started by women each day in 2019. Women of color accounted for 89% of new businesses.((American Express 2019 State of Women-Owned Business Report))

3. Private tech companies led by women achieve 35% higher ROI than those run by men.((Forbes – 10 Stats That Build The Case For Investing In Women-Led Startups))

4. Women-founded, venture-backed companies outperform companies founded by men by 63%.((Forbes – 10 Stats That Build The Case For Investing In Women-Led Startups))

5. Black Americans are the fastest-growing demographic of entrepreneurs in the U.S. with 26.4% of Black Americans identifying as entrepreneurs.((GEM Data: Black Entrepreneurship Represents Highest Rate in U.S.))

6. A college degree makes no difference on small business revenue.((2019 FreshBooks Self Employment In America Report))

7. Solo Founders are 54% less likely to close their business.((Sole Survivors: Solo Ventures Versus Founding Teams))

8. Failed entrepreneurs are more likely to be successful in their second attempt.((Serial Entrepreneurship: Learning by Doing?))

9. 40% of Entrepreneurs start their businesses to make a difference in the world.((Global Entrepreneurship Monitor 2019/2020 Global Report))

10. 96% of people who are self-employed have no desire to go back to a ‘regular job.’ 92% of entrepreneurs don’t regret launching their businesses.((Fundera – What Is the Average Small Business Owner Salary? ))

I hope you found these 10 Encouraging Small Business and Entrepreneurship Stats inspiring. At the end of the day, there’s really nothing easy about entrepreneurship, or starting and running a business of your own. However, as the data shows, the majority of entrepreneurs don’t regret launching their business, and an even larger percentage of self employed people have no desire to go back to a ‘regular job’.

So regardless of age, education, race, or gender, entrepreneurship has space for everyone. How will you take up space in the entrepreneurial landscape?