Have you ever wanted to become an entrepreneur but were unsure how to go about it? Here is the motivation that you need! Review these seven entrepreneur statistics to get you inspired to start your own business in 2024.
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Top 7 Entrepreneur Statistics of 2024
Growing a business is one of the hardest tasks. We’ve gathered the top 7 entrepreneur statistics and horoscopes that will help you reach your success goals in 2024.
1. Average Age That An Entrepreneur Starts Their Business is 42
According to the National Bureau of Economic Research, the average entrepreneur will begin their new business when they are about the age of 42. Each industry has a specific average with most of them an entrepreneur being somewhere in their 40s.
Of course, with the right determination, resources, and willpower, you can start a business at any age. Keep researching your industry, create a niche to set yourself apart from competitors, and work a little at your goal each day.
2. Job Scarcity Causes New Businesses
The Global Entrepreneurship Monitor reports that almost 50% of women begin new businesses because jobs are scarce in the workplace market. About 38% of the men in the same survey stated that they also make a living because of job scarcity.
Because of the dedication of these innovative men and women, the new business they create is populating new jobs in the workplace market. Just in the past 25 years, new small businesses have populated another 12.9 million jobs in the workplace market.
3. An Entrepreneur Makes An Average of $61,000 Annually
The United States Census Bureau shows that entrepreneurs make an average of $61,000 annually. Of course, this depends on the industry in which your business is stationed and how many loyal customers you have. Total sales also depend on the products and services you are selling and the marketing tactics you are utilizing.
4. More Than 99% of Businesses in America Are Small Businesses
According to the United States Small Business Administration, more than 99% of businesses in America are small businesses. This means that the economy mostly runs thanks to the job stability that small businesses create with constant new positions opening up for people to find work and make a living. You can assist job hunters in finding a position for their livelihood while working towards a career from a business you build you from the ground up.
5. The Top Industries As Small Business
The top industries that are the most successful as small businesses are as follows:
- Health care
- Retail
- Social assistance
- Foodservice
- Construction
Even if you are operating in an industry outside of these that is usually the most successful, you can make the most of it as you watch industry news and capitalize on the business niche that sets you apart from competitors.
6. About 92% of Entrepreneurs Say They Do Not Regret Beginning a Small Business
A Fundera study shows that 92% of entrepreneurs report that they do not regret beginning a small business. To have the freedom to work when you want, lead a team the way you envision, and implement the marketing tactics you believe in to draw in customers is the best feeling ever.
7. About Three-Quarters of Entrepreneurs Are Happy
A Guidant Financial survey showed that about three-quarters of entrepreneurs who participated in the study stated that they were elated or kind of happy with how their life is going now. Creating a business from an idea into a working, profitable structure is so much to be proud of. No wonder these many entrepreneurs are in a better mood because they are successfully creating something that will make them a living while loving what they do every day.
What’s Your Motivation for Becoming An Entrepreneur?
What is motivating you to want to start your business? If you are feeling moved, share your story with us in the comments.
Also Read: Startup Entrepreneurs Can Now Stay Up In USA For 5 Years
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