95 Important Entrepreneur Stats 2024 [Facts and Trends]

Are you an aspiring entrepreneur looking to become your own boss?

While it is true that entrepreneurship is very rewarding, there is no doubt that it is also very challenging.

Being an entrepreneur and running your own business gives you freedom and flexibility, as well as a profound sense of accomplishment.

In recent years, entrepreneurship has been on the rise.

More and more people are deciding to start their own businesses out of deep dissatisfaction with their current job, or because they are looking to create more financial independence for themselves and their families.

If you plan on starting your own business and becoming your own boss, learning and understanding the latest entrepreneur statistics will help you better understand what to expect on your entrepreneurial journey.

In this article, we have compiled a detailed list of 95 entrepreneur stats, trends, and facts to help you better prepare for your entrepreneurial life.

General Entrepreneur Stats 2024

1. As of 2021, there are approximately 582 million entrepreneurs in the world.
2. 55% of entrepreneurs got into entrepreneurship motivated by the idea of becoming their own boss.
3. 20% of business owners fail in the first year of their entrepreneurial journey.
4. Fulfillment, flexibility, and finances are the main reasons why people decide to become entrepreneurs.
5. The number of all businesses in the US has grown by around 9% between 2014 and 2019.
6. 58% of entrepreneurs in the US start their businesses with a budget of less than $25,000.
7. Approximately 33% of entrepreneurs in the US start their businesses with a budget of less than $5,000.

Entrepreneur Demographics Statistics

Let’s take a look at some mind-blowing entrepreneur demographics statistics, divided by gender, race, age, income, and degree.

Gender Entrepreneur Statistics

8. Male entrepreneurs account for about 54.1% of the total number of entrepreneurs in the United States, compared to 40.4% of female entrepreneurs.
9. An average male entrepreneur in the US earns about $96,582 per year.
10. An average female entrepreneur in the US makes about $82,001 per year.
11. The number of male entrepreneurs in the US has decreased by 1.85% in the last ten years.
12. The number of female entrepreneurs in the United States has grown by around 114% in the previous 20 years.
13. Around the same amount of men and women (32%) have a very high entrepreneurial spirit.
14. Micro-businesses are held by 90.3% of female business owners and 82.3% of male business owners.
15. Only 1.3% of women business owners operate medium or large businesses.
16. 3.3% of White male entrepreneurs own medium to large businesses
17. 33.9% of male entrepreneurs and 23.8% of female entrepreneurs receive funding from entrepreneurship programs.

Race Entrepreneur Statistics

18. 73% of American entrepreneurs are White.
19. 12.8% of American entrepreneurs are Hispanic or Latino.
20. Black women constitute 35% of all Black entrepreneurs in the United States.
21. In 2019, women of color were running approximately 6.4 million businesses in the United States.
22. Millennials or Gen X members account for 67% of all Black entrepreneurs.
23. The number of Latino-owned businesses in the United States has grown by over 34% between 2016 and 2019.
24. Asians run 10% of all businesses in the United States.

Age Entrepreneur Statistics

25. The average age of a White male entrepreneur in the US is 46 years old.
26. The average age of a White female entrepreneur in the US is 44 years old.
27. The average age of a Black or African American male entrepreneur in the US is 46 years old.
28. The average age of a Black or African American female entrepreneur in the US is 42 years old.
29. 64% of all entrepreneurs in the US are over 40 years old.
30. Young adults between 20 and 30 years old account for 9% of all entrepreneurs in the US.
31. 46% of small business owners in the US are Generation X members.
32. 10% of all entrepreneurs in the US are Millennials.

Degree Entrepreneur Statistics

33. 62% of all entrepreneurs in the US have a Bachelor’s Degree.
34. 11% of all entrepreneurs in the US have a Master’s degree.
35. 6% of all entrepreneurs in the US have only finished high school.
36. 46% of business owners don’t have any business-related education.
37. Only 9% of self-employed professionals hold a business-related Bachelor’s degree.

Income Entrepreneur Statistics

38. $61,000 is the income of an average American entrepreneur.
39. Asian entrepreneurs typically earn the most money from their businesses.
40. On average, entrepreneurs with a Master’s Degree earn about $151,512 per year.
41. On average, entrepreneurs with a Bachelor’s Degree earn about $114,278 per year.

Women Entrepreneur Statistics

42. In 2019, women owned approximately 13 million businesses in the US.
43. Out of 582 million entrepreneurs in the world, 252 million are women.
44. Women entrepreneurs account for 43% of global entrepreneurs.
45. 63% of female entrepreneurs in the United States are Millennials or Generation X members.
46. 36% of female entrepreneurs in the United States are Baby Boomers.
47. 13% of all businesses owned by female entrepreneurs in the US are in the health, beauty, and fitness industries.
48. The number of women-owned firms in the US has grown by around 21% between 2014 and 2019.
49. 71% of female entrepreneurs start a business out of passion.

Entrepreneur Statistics by Country

50. The United States is the most entrepreneurial country in the world.
51. Japan has been voted to be the best country for entrepreneurship in the world.
52. The UK has been voted to be the fourth-best country for entrepreneurship in the world, next to Japan, Germany, and the United States.
53. Chile (36.7%) and Ecuador (36.2%) have the highest early-stage entrepreneurship rate in Latin America.
54. The United States has the highest GEI (Global Entrepreneurship Index) in the world (83.6%), followed by Switzerland (80.4%), and Canada (79.2%).
55. Chad has the lowest GEI of all 137 countries measured (9%).
56. Angola has the highest percentage of women entrepreneurs (51.1%), followed by Panama (29.1%) and Saudi Arabia (17.7%).

USA Entrepreneur Statistics

57. As of 2021, there are 31 million entrepreneurs in the United States.
58. Entrepreneurs account for 16% of the American workforce above the age of 21.
59. In 2015, 25% of Americans were running their own business.
60. The Global Entrepreneurship Index (GEI) for the United States is 83.6. This is the highest GEO globally, which means that the US is the best country for entrepreneurs.
61. Over 81.5% of American entrepreneurs started their businesses from scratch.
62. 18.5% of American entrepreneurs bought, received, or inherited their businesses from someone else.
63. 26% of American business owners own two or more businesses.

India Entrepreneur Statistics

64. There are 58.5 million entrepreneurs in India.
65. 86% of Indian entrepreneurs are male, and only 14% are female.
66. In 2020, India’s TEA (total early-stage entrepreneurship activity) was around 5.3%.
67. India’s TEA declined by approximately 10% between 2019 and 2020.
68. 65% of new entrepreneurs in India claim that the pandemic brought new business opportunities.
69. In 2019, India’s GEI (Global Entrepreneurship Index) was 25.1%, which means that it is one of the worst countries in the world to become an entrepreneur.
70. The youngest known entrepreneur in India is 16 years old.

UK Entrepreneur Statistics

71. In 2020, there were 5.9 million entrepreneurs in the UK.
72. 91% of UK entrepreneurs succeed after their first year in business.
73. An average UK entrepreneur is 40 years old.
74. Women own approximately 33% of all businesses in the UK.
75. Only 7% of UK entrepreneurs belong to an ethnic minority.

Japan Entrepreneur Statistics

76. Around 17% of Japanese people personally know someone who has started a business.
77. 43.5% of Japanese entrepreneurs struggle with fear of failure.
78. Almost 50% of Japanese entrepreneurs start their businesses with the goal of building significant wealth.
79. 43.9% of Japanese business owners start their businesses to make a difference.
80. In 2019, Japan’s TEA (total early-stage entrepreneurship activity) was around 5.40%.
81. Only 24.6% of Japanese people consider entrepreneurship as a good career choice.

Interesting Entrepreneur Facts

82. The three most common foreign languages spoken by entrepreneurs in the US are Spanish (45.2%), French (9.4%), and Chinese (7.3%).
83. On average, a 50-year-old entrepreneur is 2.8 times more likely to succeed at their business than a 25-year-old entrepreneur.
84. 35% of new entrepreneurs worry about inconsistent income.
85. More than 60% of business owners claim that the first year in business is the most difficult.
86. Around 50% of all companies fail within the first five years.
87. A college degree does not impact the success of a small business or its revenue.
88. 29% of entrepreneurs start their businesses to become their own bosses.
89. 17% of entrepreneurs start their businesses due to a deep dissatisfaction with their corporate careers.

COVID-19 Entrepreneur Statistics

90. 31% of small businesses shut down due to the pandemic globally.
91. 25% of people know someone who had started their own business during the pandemic.
92. The number of Americans who started a business in 2020 was 95% higher than in 2019.
93. On average, in 2020, Americans filed 84,253 new business applications per week, which is about 79% more than in 2019.
94. Around 60% of entrepreneurs believe that entrepreneurship will rise post-pandemic.
95. Approximately 12.5% of new businesses have seen revenue growth during the pandemic.

If you 100% enjoy the chaos and the unknown, you’re an entrepreneur. – Gary Vaynerchuk

FAQ

What percent of entrepreneurs are successful?

Approximately 80% of entrepreneurs are successful during the first two years of starting their businesses.

This number is very encouraging, as it means that eight out of ten entrepreneurs succeed in their businesses.

However, it is estimated that only 50% of businesses succeed within the first five years of business.

Apart from that, out of 585 US billionaires, 363 are self-made.

This accounts for 62% of all US billionaires.

So, you have a very high chance of being successful as an entrepreneur.

What is the failure rate of all entrepreneurs?

It is estimated that around 20% of entrepreneurs fail during their first year or two of business, and around 50% of businesses fail during the first five years of business.

Furthermore, 65% of entrepreneurs claim that lack of capital and other financial issues are the main reason for failure.

However, entrepreneurs who have already failed once are more likely to succeed at their second attempt.

How many entrepreneurs are in the world?

As of 2021, there are 582 million entrepreneurs on the planet.

This accounts for less than 1% of the world’s population.

What are the most entrepreneurial countries in the world?

The United States has been voted to be the most entrepreneurial country in the world in 2021.

Germany scored second among the top ten most entrepreneurial countries globally, and the United Kingdom placed third.

Israel, United Arab Emirates, Poland, and Spain ranked fourth, fifth, sixth, and seventh.

Sweden, India, and France took the last three places in the top 10.

What is a global entrepreneur?

A global entrepreneur is defined as an entrepreneur who creates and conducts new business activities, such as exporting, opening new offices or ventures, or licensing across the globe.

How much does it cost to be an entrepreneur?

It is estimated that 58% of entrepreneurs in the US start their businesses with a budget of less than $25,000.

What’s more, 33% of entrepreneurs in the US start their businesses with a budget of less than $5,000.

Starting your own business always requires an investment.

However, the investment depends on the type of business you plan on creating.

What are the best states for entrepreneurs in the US?

Idaho is the best US state for entrepreneurs, with a 58% business survival rate, 172 new businesses, and 371 new entrepreneurs per 100,000 population.

Montana is the second-best US state for entrepreneurs, with a 60% business survival rate, 172 new businesses, and 370 new entrepreneurs per 100,000 population.

On the other hand, New Mexico is considered to be the worst US state for entrepreneurs.

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Final Thoughts

Although entrepreneurship has suffered due to the coronavirus pandemic, in 2021, more and more people are starting their own businesses.

The most common reason why people choose to become entrepreneurs is to have more freedom, flexibility, and control in their lives.

If you plan to become your own boss and start your own business, the statistics given in this article will help you make the right choice.

We hope that these statistics, trends, and facts will help you shape your perspective on entrepreneurship and help you succeed as an entrepreneur.

The entrepreneur statistics, trends, and facts in this article were gathered from the following sources: Embroker, Legal Zoom, Statista, Gem Consortium, and more.