Entrepreneur statistics for 2023

The fact that 66% of entrepreneurs say their businesses are doing well today speaks volumes about how prosperous the entrepreneurship path can be.

When asked about their motivations for starting a business, 28% of entrepreneurs say they want to be the ones calling the shots. However, a slightly smaller percentage of entrepreneurs — 23% — want to embark on this journey out of pure disappointment in corporate America.

And both men and women are eager to be their own boss. Sadly, research shows men still dominate entrepreneurship, as only 25% of small business owners are women.

Eager to learn more? In this article, we’ll guide you through many other interesting entrepreneur statistics that further explain the state of entrepreneurship in the US and other parts of the globe.

Entrepreneur statistics: 10 most important stats

Down below, we’ll go through a range of entrepreneurship statistics, including those concerning age, gender, motivations, and challenges. 

Before we delve deeper, take a look at the top 10 most fascinating — and somewhat shocking — statistics about entrepreneurs we could find:

1. 47.2% of small business owners are Gen X.
2. 76.2% of US entrepreneurs are white or Caucasian.
3. The average startup founder is 34 years old.
4. 42% of small business owners are Republicans.
5. A great majority of US entrepreneurs (84%) have a university degree.
6. 81.7% of startups survive a year after they were established, making entrepreneurship a rather attractive career choice across the US.
7. 41% of entrepreneurs list passion and belief in their own ideas as their top motivation to start a business.
8. 53% of LGBTQ-owned businesses have reported ensuring the safety and health of their staff and customers as one of the biggest challenges they face.
9. A whopping 72% of entrepreneurs say they’re somewhat or very happy with their business ventures.
10. 47% of entrepreneurs would like to work on their stress levels and reduce or eliminate stress and other mental health concerns. 

General US entrepreneurship statistics 

Entrepreneurship is a huge deal in the US, with more and more people choosing to start a business rather than continue to work for someone else. So, how many entrepreneurs are there in the US?

There isn’t an exact number we can rely on here. However, there are 2 different reports that give a glimpse into the rise of entrepreneurship in the US.

As stated in the National Report on Early-Stage Entrepreneurship in the United States by Kaufmann Indicators of Entrepreneurship, the rate of new entrepreneurs in 2021 was 0.36%. This means that for every 100,000 people, 360 were trying to become entrepreneurs in a given month.

For further insight, we turned to the 2022/2023 Global Entrepreneurship Monitor Report. According to the data found there, there are 2 key indicators to consider when trying to learn how many people are actually entrepreneurs:

• Total early-stage Entrepreneurial Activity (TEA) and
• Established Business Ownership (EBO).

The TEA indicator shows the proportion of the adult population (aged 18 to 64) who are owners or managers of a new business or are nascent entrepreneurs. 

Meanwhile, the EBO indicator details the percentage of adults in the same age group that currently own or manage an established business. GEM’s definition of an established business includes businesses that have “paid salaries, wages, or any other payments to the owners for more than 42 months”.

According to the latest data, the TEA for the United States is 19.2%, while its EBO rate is 9.2%. 

Taking into account the results from the 2021/2022 Global Entrepreneurship Report, overall entrepreneurial activity in the US has grown in comparison to the previous year when the country’s TEA and EBO rates were 16.5% and 8.9% respectively.

The country currently ranks: 

• 10/49 for Total early-stage Entrepreneurial Activity (sharing the spot with Saudi Arabia) and 
• 11/49 for Established Business Ownership.

What’s the public attitude toward entrepreneurship in the US?

Incredibly enough, recent research done by Gallup on the change in Americans’ confidence in major US institutions showed 68% of respondents had lots of confidence in small businesses.

The same report showed the respondents weren’t as confident in government institutions, such as the military (64%), the police (45%), and even the medical system (38%).

On the other hand, the 2022/2023 GEM Report investigated whether starting a business was viewed as negative or positive in a particular country.

To learn more about the public perception of entrepreneurship in the US, the researchers behind the report asked adults aged 18 to 64 to consider the following statements:

Attitudes and perceptions	% of adults that somewhat or strongly agree
I know someone who has started a new business in the past 2 years	55.6
There are good opportunities to start a business in my area	46.0
It’s easy to start a business in my country	65.8
I have the knowledge, skills, and experience to start my own business	66.8

The researchers also asked whether the respondents were expecting to start a business in the next 3 years. Interestingly, only 13.6% expressed such entrepreneurial intentions. 

One of the reasons behind this might be fear. A lot of people in the US believe they have what it takes to be an entrepreneur. However, 43.1% of those who recognized there were good opportunities for entrepreneurship said they wouldn’t start a business because they fear it would fail. 

Furthermore, Incfile’s 2023 Entrepreneurial Mindset report showed 78% of non-business owners might want to become entrepreneurs but don’t know where to begin. According to the same report, only 22% of respondents said they hadn’t thought about starting a business.

What kinds of businesses do entrepreneurs in the US start?

As stated in Guidant Financial’s 2023 Small Business Trends report, most small business owners in the US opted to start a new franchise (35%) or buy an independent business (33%) in the previous year.

To compare, new independent businesses were started by 21% of entrepreneurs. As the same research shows, buying an existing franchise was the least appealing option only 11% of respondents chose.

Which industries are the most popular among US entrepreneurs?

Market changes dictate which small business industries will be the most popular among entrepreneurs — and in 2023, there were some major shifts at play.

The top 5 industries in Guidant Financial’s 2022 Small Business Trends report were:

• Retail (storefront, eCommerce, or other) — 15.05%,
• Food and restaurants — 13.71%,
• Business services — 10.10%,
• Health, beauty, and fitness — 9.71%, and
• Residential and commercial services — 9.33%. 

But consumers’ needs and wants have changed, so in 2023, Guidant Financial’s top 5 list looks like this:

• Retail — 18%,
• Food and restaurants — 12%,
• Health, beauty, and fitness — 10%,
• Construction and contracting — 8%, and
• Residential and commercial services/ Business services — 7%.

How much does it cost to start a business in the US?

Becoming an entrepreneur is no easy feat since it takes lots of knowledge — and guts — to set off on your own and start a business.

And yet, that still isn’t enough. Inflation is on the rise, so starting a business today requires capital not everyone has access to.

As stated in Guidant Financial’s 2023 Small Business Trends report, 27.3% of the surveyed small business owners had to pay between $250K and $500K to launch their businesses. A whopping 16.3%, however, had to set aside anywhere from $500K to $1MM for their startups — and 12.3% paid over $1MM!

It’s not all so bleak, though. The same report showed 3.7% of small business owners paid less than $50K to establish their businesses. Meanwhile, 26.2% and 14.2% had to pay $50K–$175K and $175K–$250K respectively. 

How much do US entrepreneurs earn?

According to Indeed.com’s entrepreneur salary statistics, the average base salary for a US entrepreneur at the time of writing is $100,586 per year. However, keep in mind this data is based on a small number of salaries reported through the website. 

Indeed.com also offers information on the highest paying cities for entrepreneurs. According to the latest data, entrepreneurs earn the highest salary in New York, New York — $150,292 per year — which is 49% above the reported national average.

In comparison, entrepreneurs in Dallas, Texas earn $76,563 per year. That is 24% below the reported national average. 

How profitable are small businesses in the US?

According to the latest data provided in Guidant Financial’s 2023 Small Business Trends report, 66% of the surveyed business owners said their businesses were currently profitable, indicating that despite the economic downturn, they’ve found a way to stay afloat. 

Taking into account Guidant Financial’s 2022 Small Business Trends report, the profitability of small businesses has increased in comparison to the previous year, when it was 65.3%. 

Still, business profitability is yet to reach or surpass the pre-pandemic level, which was reported to be 78% in Guidant Financial’s 2020 Small Business Trends report.

What are the best and worst states to start a business in the US?

With 50 states to choose from, you cannot expect starting a business in each one would be effortless and not at all nerve-racking. 

Luckily, Forbes Advisor recently published its latest ranking of the best states to start a business in 2023. When comparing the states, Forbes relied on 18 different metrics across 5 categories to determine the best and the worst states for starting a business:

• Business costs,
• Business climate,
• Financial accessibility,
• Economy, and
• Workforce. 

Currently, the top 10 states ideal for starting a business are:

Rank	State	Score out of 100
1	Indiana	100
2	Colorado	98
3	North Dakota	96
4	Pennsylvania	94
5	South Dakota	92
6	North Carolina	90
7	Montana	88
8	Illinois	86
9	Ohio	84
10	Delaware	82

According to the same research, the 10 worst states for starting a business are:

Rank	State	Score out of 100
41	Kansas	18
42	Oklahoma	16
43	Kentucky	14
44	Nevada	12
45	Florida	10
46	Oregon	8
47	Michigan	6
48	Vermont	4
49	New Mexico	2
50	New York	0

As its name says, Thumbtack’s 2022 Small Business Friendliness Survey examined which states were the friendliest toward entrepreneurs. The survey included over 2,800 small business owners who ranked states by giving them scores from A+ to F.

The results showed the friendliest state for small business owners was Delaware — and the only state to earn grade A+ in this category. Delaware was followed by Idaho (B+) and Arkansas (B-).

This survey also showed which states were the easiest to start a business in. In this category, a lot more states received grade A+, including:

• Idaho, 
• Nevada,
• Arizona,
• Minnesota,
• Arkansas,
• Mississippi,
• Indiana,
• Virginia, and
• New Hampshire.

Which US states create the most opportunities for their residents?

Essentially, opportunity rankings indicate which states embody the US “land of opportunity” narrative. These rankings show us which states help their citizens harness their potential to accomplish their goals and rank the highest in terms of:

• Equality, 
• Economic opportunity, and 
• Affordability.

Per the U.S. News’ Best States opportunity rankings, the top 10 US states according to the level of opportunity they provide are:

1. New Hampshire,
2. Vermont
3. Iowa,
4. North Dakota,
5. Delaware,
6. Maine,
7. Indiana,
8. Wisconsin,
9. Minnesota, and
10. Kansas.

Which US states have the best economy?

Taking into account the overall business environment, labor market, and economic growth, the U.S. News has also provided a top 10 list of states with the best economic conditions:

1. Utah,
2. Idaho, 
3. Colorado,
4. New Hampshire,
5. Arizona,
6. Montana,
7. Florida,
8. Texas,
9. Massachusetts, and
10. Nebraska.

How are entrepreneurs handling today’s economy?

Since more than 5 million businesses were created in the US in 2022, it’s no wonder small businesses are seen as one of the main drivers of economic growth. However, the current economic turmoil might have shaken the confidence of most US entrepreneurs.

According to Guidant Financial’s 2023 Small Business Trends report, only 36% of the surveyed business owners were somewhat or very confident in their small businesses in today’s economy.

To compare, a neutral stance was held by 17%. Meanwhile, 48% said they were somewhat unconfident or very unconfident. 

When asked whether they thought the US economy was headed for a recession, many respondents (48%) were certain of it, while 33% were unsure. Only 19% said they didn’t believe a long-term recession is on the horizon.

Still, inflation has been felt across the board and has affected not only the profitability but also the expenses. Respondents in Guidant Financial’s report said the 3 main ways the current economy had affected their businesses were:

• Increased prices — 27%,
• Revenue loss — 15%, 
• Increased wages — 13%, and
• Loss of inventory due to problems with the supply chain — 6%. 

Despite this, some business owners said they hadn’t felt any significant impact (4%). Others saw revenue growth (6%), and some even had to hire more staff (4%). 

Generally speaking, though, 76% said their businesses could survive today’s economy, while 6% believe they couldn’t — and 18% were unsure about it.

What’s in store for US entrepreneurs in the upcoming year?

According to Incfile’s 2023 Small Business Forecast report, the previous year brought lots of success to small business owners — so much success that 65% said their businesses’ performance improved in comparison to the year before.

Strategy is key if business owners want to come out on top despite how bad the economy gets — or how many new competitors join their industries. 

Fortunately, Guidant Financial’s 2023 Small Business Trends report shows the following year is going to be a big one for most entrepreneurs, given that:

• 26% plan to hire more people,
• 18% want to expand or remodel their businesses,
• 18% plan to put more funds into digital marketing,
• 10% are eager to invest in traditional marketing,
• 7% are looking into allocating more money toward information services technology, and
• 6% want to invest in accounting services technology.

Furthermore, the same report shows 48.61% of business owners want to focus on current location, service, or website growth in 2023 — while 28.40% plan to sustain their business’ success. 

As stated in the previously mentioned Incfile report, 74% of surveyed entrepreneurs also plan to boost their businesses by raising the prices of their products and services — hoping to combat the negative effects of economic turmoil.

Key demographics statistics on entrepreneurship in the US

Do older generations still reign supreme in entrepreneurship or are younger generations slowly but surely catching up with them? What about men and women — is the gender gap still as large and discouraging as before?

Well, research shows a large percentage of entrepreneurs belong to Generation X, which includes people born anywhere from 1965 to 1981. 

In the 2023 Small Business Trends report by Guidant Financial, 47.20% of surveyed small business owners were Gen X. Baby Boomers — those born between 1946 and 1964 — accounted for 39.63% of them.

Interestingly enough, the same report showed only 12.92% of the surveyed small business owners in 2023 were Millennials.

Guidant Financial also covered the Silent Generation in its research, which includes people born between 1928 and 1945. The latest data showed only 0.25% of the surveyed small business owners belonged to the Post War generation.

On the other hand, Bloomberg previously reported that the average startup founder age is 34 years.

As far as gender goes, it seems men are still more likely to dabble in entrepreneurship. Guidant Financial’s 2023 Small Business Trends report showed 75% of the surveyed small business owners were male, while only 25% were female — and only 0.37% of those surveyed identify as some other gender.

How racially inclusive is entrepreneurship in the US?

Unfortunately, it’s evident race still plays a huge role in entrepreneurship today. Even in Guidant Financial’s 2023 Small Business Trends report, most entrepreneurs were white or Caucasian (76.2%). This suggests people of other races don’t have as many opportunities to try their hand at entrepreneurship.

Out of the other surveyed business owners: 

• 5.2% of them were Black or African-American, 
• 4.8% were Asian or Asian-American, and
• 4.7% were of Hispanic, Latino, or Spanish origin. 

How educated are entrepreneurs in the US?

Although you don’t need any formal qualifications to start a business, Guidant Financial’s 2023 Small Business Trends report suggests a great deal of entrepreneurs are well educated.

The report showed that out of all the surveyed entrepreneurs:

• 41% had a bachelor’s degree,
• 29% had a Master’s degree,
• 10% had an associate degree, and
• 4% had a doctorate.

Which US political parties do most entrepreneurs belong to?

The previously mentioned report by Guidant Financial also showed most of the surveyed entrepreneurs belonged to the Republican party (42%). In contrast, only 19% said they were Democrats.

Libertarians were a clear minority in this report, as only 7% of the respondents said they were affiliated with them.

Still, it’s evident that a great many entrepreneurs prefer not to belong to any of the US political parties. As per Guidant Financial’s data, 32% of the surveyed small business owners maintained they were unaffiliated with any of them.

Something else this report reveals is that not many entrepreneurs are confident about today’s political climate. The report showed only 34% of small business owners were somewhat or very confident, while 45% claimed they were somewhat or very unconfident about it. 

Statistics on entrepreneur motivations and challenges

The latest data presented in the 2022 National Report on Early-Stage Entrepreneurship in the US showed 80.9% of entrepreneurs were driven to this career path due to opportunity. 

According to Guidant Financial’s 2023 Small Business Trends report, small business owners usually decide to start their own ventures because they:

• Want to be their own boss — 28%,
• Have lost faith in corporate America — 23%, or
• Want to pursue their own passions — 13%.

Only a small percentage of the surveyed business owners went into entrepreneurship because they didn’t want to retire (10%) or because they were laid off/their jobs were outsourced (also 10%).

What are the main motivations of US entrepreneurs?

The 2022/2023 GEM Report gives us further insight into the motivation of US entrepreneurs — in particular, of those who fall into the TEA category. When asked to agree with 4 defined motivations behind entrepreneurship, this is how they responded:

Motivation	% of TEA that somewhat agree or strongly agree
Build great wealth or very high income	70.8
Make a difference in the world	69.3
Earn a living because jobs are scarce	54.5
Continue a family tradition	36.5

The Incfile 2023 Small Business Challenges report surveyed over 2,000 entrepreneurs and also tried to learn more about the reasons someone decides to become an entrepreneur. When asked about reaching the decision to start a business, the respondents listed the following motivations:

• Passion and belief in their own ideas — 41%,
• Need to make more money — 34%,
• Eagerness to call the shots and be their own boss — 15%, and
• Encouragement from loved ones — 10%.

It was also reported in Infcile’s 2023 Entrepreneurial Mindset report that 68% of the surveyed non-business owners already had a side hustle. These could, with a bit more support, turn into a small business someday. 

Better yet, the same report showed 90% of respondents were eager to call the shots, saying they’d prefer to work for themselves. 

One major reason for this may be the general job dissatisfaction of the respondents. The report showed that when it came to their current careers:

• 47% were moderately satisfied,
• 22% were very satisfied,
• 19% were moderately unsatisfied, and
• 12% were very unsatisfied.

What do US entrepreneurs think are the main reasons businesses fail?

The latest National Report on Early-Stage Entrepreneurship in the US revealed that in 2021, 81.7% of startups survived a year after they were established. So, if motivation is a key component of starting a business, what could be the reason for its failure later on?

As stated in Incfile’s Small Business Challenges report, 29% of polled entrepreneurs said they believed a business would fail if the owner wasn’t passionate about it anymore. A slightly more modest percentage (25%), however, claimed businesses could fail due to a lack of support.

The same report also indicated that not having enough resources to run a business and not knowing how to plan properly are 2 other major factors that contribute to business failure. Respondents to Incfile’s survey said they believed a lack of resources (24%) and poor planning (22%) could also be blamed for entrepreneurial demise.

What is the key to success in entrepreneurship? 

With enough guts and starting capital, anyone can become an entrepreneur today. However, according to Incfile’s 2023 Small Business Challenges report, that’s not enough to ensure success.

The report indicated a whopping 48% of respondents said they believed passion and drive were keys to success in entrepreneurship. However, 39% of more realistic individuals said having the right tools, resources, and knowledge played a huge role in establishing a successful business. 

Incfile’s Small Business Forecast report revealed that community might play a major role in a business’s success too. An amazing 91% of respondents said they believed community was the key — but 92% believe small businesses need more community support overall.

What traits should entrepreneurs have?

Incfile’s Small Business Challenges report aimed to find out which traits entrepreneurs recognized in themselves as the key drivers of their success. As we cannot limit ourselves to just one trait, the respondents could choose multiple traits they identified with.

An incredible 73% of entrepreneurs said their top trait was that they were highly motivated. Slightly lower numbers were reported among those who believed they were lifelong learners (54%) and fast learners (53%). 

Per the report, 51% of surveyed entrepreneurs said they believed it was their risk-taking personality that fueled their journey toward success. Interestingly enough, 47% reported one of their most dominant traits was their creativity! 

In terms of personality traits, the same report showed only 13% thought entrepreneurship was reserved for the mighty few. According to that group, entrepreneurs must be risk-tolerant, resilient, and creative — and realistically, not everyone can tick those boxes. 

All that said, Incfile’s Entrepreneurial Mindset report showed an incredible 65% of surveyed people claimed they had an entrepreneurial mindset. To compare, only:

• 18% believed they didn’t have an entrepreneurial mindset because they weren’t risk-takers,
• 10% thought they weren’t business-savvy enough to achieve success, and
• 7% felt they didn’t have enough ambition or drive to become entrepreneurs. 

How difficult is it to start a business?

Incfile’s 2023 Entrepreneurial Mindset report showed there’d be a lot more entrepreneurs if they only had enough money to start their businesses. When asked about what was stopping them from becoming their own boss, 50% of respondents said it was a lack of funds. 

A lack of confidence, knowledge, and ideas is another major reason to avoid setting off on their own. According to the same report, 25% of the surveyed aspiring entrepreneurs didn’t start their businesses because they just didn’t know where to begin. 

Other barriers to starting a business that worried the respondents in Incfile’s survey include:

• Too much risk — 16%, and
• A lack of support and guidance — 9%.

In its Small Business Challenges report, Incfile also pointed out that more than half of the respondents (58%) said they didn’t have all the resources, knowledge, or tools they needed when they started their businesses.

Which challenges do entrepreneurs face when running their businesses?

Incfile’s 2023 Small Business Forecast report gave us some insight into the top struggles entrepreneurs face today. The respondents offered the following answers:

• Rising inflation — 50%,
• Supply chain disruptions — 25%,
• Employee retention — 14%, and
• Maintaining finances — 11%. 

The participants in Guidant Financial’s survey offered a few additional answers in the 2023 Small Business Trends report. The top 5 cited challenges in that report were:

• Recruiting and keeping employees — 22%,
• Inflation and price increases — 22%,
• Lack of cash flow and capital — 14%,
• Problems in the supply chain — 11%, 
• Business promotion (marketing and advertising) — 8%,
• Administrative work — 7%,
• Time management — 6%, and
• Provision and management of benefits — 6%.

Why are small business owners struggling to fill positions?

Hiring quality labor doesn’t only come down to offering the right compensation or having an extremely dedicated HR team. 

Guidant Financial’s 2023 Small Business Trends report shed some light on a number of issues small business owners face when trying to fill positions at their companies.

The report showed some of the biggest hiring hurdles for entrepreneurs were:

• Lack of interest in their businesses and few job applicants — 22%,
• Too much competition — 20%,
• Lack of candidates with the necessary work experience — 18%,
• Difficulty finding candidates with the right technical skills — 11%, and
• Lack of required soft skills among the candidates — 11%.

The talent gap is also a major headache for small business owners. When it comes to attracting top talent, Guidant Financial’s 2023 Small Business Trends report showed the following positions were the most challenging to fill:

• Sales — 24%,
• Construction and maintenance — 18%,
• Food service — 14%,
• Healthcare and childcare — 10%, and
• Management — 10%. 

What can entrepreneurs do to resolve their recruitment struggles?

The good news is that small business owners are being proactive about their hiring problems. 

Guidant Financial’s 2023 Small Business Trends report showed that to combat poor recruitment, the surveyed business owners:

• Increased compensation — 27%,
• Focused on retention (i.e., providing more growth and development opportunities) — 16%,
• increased benefits — 9%, and
• Offered hiring bonuses — 6%.

Recruitment can also be a challenge if the whole process is disorganized and leaves candidates with a poor impression of your company. To combat that, you can use Plaky’s recruitment template and ensure both a good talent pipeline and a well-thought-out recruitment process.

Since Plaky is human resources management software, it can serve as a centralized hub for all your HR processes and strategies, including recruitment, onboarding, and career planning and development. 

Another option for small business owners is to change the preferred work model and embrace hybrid and remote work. These work models have been growing in popularity ever since COVID-19, with remote work becoming a new norm and a major benefit for most employees. 

And yet, Guidant Financial’s 2023 Small Business Trends report showed a small percentage of business owners (2%) planned to incorporate remote work — and only 2% were looking to invest in remote work technology. 

Are entrepreneurs happy?

One of the most interesting facts about entrepreneurship is that entrepreneurs are happier than other people — even when their businesses aren’t making them rich. And as per the latest data from Guidant Financial’s 2023 Small Business Trends report, optimism continues to run deep among entrepreneurs. 

In that report, small business owners reported higher happiness levels, with 72% saying they were somewhat or very happy with their ventures.

To compare, the same report showed only 15% of entrepreneurs were somewhat or very unhappy. The rest — 13% — maintained a more neutral perspective.

Still, this doesn’t mean stress isn’t a huge part of an entrepreneur’s life. 

According to Incfile’s 2023 Small Business Challenges report, 47% of entrepreneurs would like to reduce or otherwise eliminate stress and other mental health concerns. 

Based on that, it’s possible to conclude that though there are many benefits of entrepreneurship — this life path also includes a fair amount of stress.

Is starting a business rewarding?

Incfile also wanted to find out whether entrepreneurship is actually rewarding or just not worth all the fuss. Luckily, any potential entrepreneurs out there shouldn’t be discouraged. According to Incfile’s 2023 Small Business Challenges report:

• 72% of entrepreneurs said owning a business was challenging at times — but worth it.
• 25% of entrepreneurs claimed running their own business was not just easy but fun too.

To compare, only 22% of respondents said they believed all the hardships and sacrifices were not worth it.

Do entrepreneurs regret starting their businesses?

If you could go back in time, would you make the same choices you made then? Even if they perhaps ask themselves this question once in a while — not many entrepreneurs actually regret setting off on their own.

As stated in Incfile’s Small Business Challenges report, an incredible 95% of small business owners would do it all over again if they had to. To compare, just 5% claimed it wasn’t worth the trouble.

So, is there something they’d at least change — something that could have altered their journey if they had done it? Incfile posed that question too and got the following answers:

• 62% would prepare and plan better, as well as learn more about business before starting one.
• 23% are satisfied with their decisions and wouldn’t change a thing.
• 10% would opt to start a different type of business.

Statistics on women entrepreneurs in the US

The latest data on women entrepreneurs found in the National Women’s Business Council 2022 Annual Report showed that in 2019, women owned 1.2 million out of 5.7 million employer businesses in the US — or 20.9% in total.

When it comes to their age, Guidant Financial’s 2023 Women in Business report revealed more than half of the surveyed female business owners belonged to Generation X (55.7%). 

The second-highest group was Baby Boomers. They accounted for 29.9% of female business owners. 

In contrast, female Millennials might be underrepresented in entrepreneurship today, as only 14.4% of the surveyed women entrepreneurs belonged to that generation.

How many women of color are entrepreneurs in the US today?

The same Guidant Financial’s 2023 Women in Business report showed the majority of the surveyed female business owners were white or Caucasian (78.4%). In contrast, only 11.3% were Black or African-American.

The report also divulged 4.6% of female business owners were of Hispanic, Latino, or Spanish origin — and the same was found to be true for Asian or Asian-Americans.

The lowest percentage of surveyed female business owners were of Middle Eastern or North African descent — only 1%. 

Which US political parties do women entrepreneurs belong to?

According to Guidant Financial’s 2023 Women in Business report, the Republican and Democratic Parties had a comparable number of followers among the surveyed female business owners — 33% and 30% respectively. 

On the other hand, 33% of female entrepreneurs said they weren’t affiliated with any of the parties, and only 4% declared their allegiance to the Libertarian Party.

Why do women start businesses in the US?

Much like most people, the biggest reason women set off on their own and start businesses is because they want to work on their own terms. 

As stated in Guidant Financial’s 2023 Women in Business report, a whopping 27% of surveyed women said that wanting to be their own boss was their main motivation. Meanwhile, 23% started their own businesses because they were dissatisfied with corporate America.

Other reasons come into play too, such as:

• Wanting to pursue their passion — 15%, 
• Not wanting to retire — 9%, and 
• Sheer necessity due to a layoff — 9%. 

On the other hand, 10% of the respondents only delved into entrepreneurship because the opportunity presented itself — and they grabbed it!

Whichever reason it may be, the same report showed a high level of optimism among women entrepreneurs. According to Guidant Financial’s data, over 60% of the surveyed women business owners revealed they were rather happy about their ventures. 

How much does it cost for women entrepreneurs to start a business in the US?

According to Guidant Financial’s 2023 Women in Business report, 60% of the surveyed women entrepreneurs said their businesses were currently profitable. However, to launch them, 30.3% had to spend anywhere from $250K to $500K.

The same research showed only 4.8% of women spent less than $50K to launch a business. On the other hand, 12.2% paid between $500K and $1MM — and 9.3% spent more than $1MM.

The report also indicated that the surveyed women entrepreneurs were more likely to start a new franchise (41%) or buy an independent business (29%). According to the findings, only 18% started a new independent business, while 11% bought an existing franchise.

As for the industries they planted their roots in, the survey participants showed a preference for:

• Retail — 26%, 
• Health, beauty, and fitness — 17%, and 
• Food and restaurant services — 14%. 

Only a small percentage of them decided to go into lodging (7%) and education and training (6%).

How has the economy affected women-owned businesses in the US?

Guidant Financial’s 2023 Women in Business report also showed women were considering how much of an impact economic turmoil might have on their businesses — but it seems they don’t know what to make of it yet.

The research divulged 45% of the surveyed women were unsure if the economy was going into a long-term recession, while 43% were certain — and 12% believed it wouldn’t come to that.

The same report confirmed 67% expected their businesses to survive today’s economy. Only 6% expected the worst-case scenario, and 27% were unsure.

Still, when Guidant Financial asked how confident they were in their small businesses in today’s economy, most women said they were somewhat or very unconfident (55%). Only 33% were somewhat or very optimistic about their business’s success. 

Statistics on entrepreneurs of color in the US

According to the U.S. Senate Committee on Small Business & Entrepreneurship, entrepreneurs of color run more than 8 million businesses in the US and generate an estimated $1.4 trillion in revenue. To find out how diverse EOCs are in the US, we turned to the latest data offered by Guidant Financial.

Per Guidant Financial’s 2023 Entrepreneurs of Color report, Black or African-American and Asian or Asian-American were the 2 most predominant races among the surveyed EOCs. Guidant Financial’s survey revealed 37.1% were Black or African-American, while 34.5% declared as Asian or Asian-American.

The same survey further showed 8.6% of the participants were Native Hawaiian or Pacific Islander, 7.8% were Middle Eastern or North African, and 6.9% were of Hispanic, Latino, or Spanish origin.

What is the age range and gender of most entrepreneurs of color in the US?

As stated in Guidant Financial’s 2023 Entrepreneurs of Color report, 50.3% of the surveyed EOCs were Gen X, 30.9% were Baby Boomers, and 18.8% were Millennials.

The same research also showed there was a large gender gap among the surveyed EOCs. According to the latest data, most of the participants were male (68%), and only 32% were female.

How educated are US entrepreneurs of color?

The same Guidant Financial report divulged that as many as 82% of the surveyed EOCs had a university degree. Of those, 38% had a master’s, 34% had a bachelor’s, and 10% had an associate degree.

Per the same research, 9% of EOCs claimed they had a doctorate — and 9% only had a high school diploma.

Are entrepreneurs of color affiliated with any US political parties? 

In Guidant Financial’s 2023 Entrepreneurs of Color report, most of the surveyed EOCs declared themselves as Democrats (34%). Meanwhile, 20% said they were Republicans, and 6% were Libertarians. A whopping 40%, however, claimed they were unaffiliated with any political parties.

Why do most entrepreneurs of color launch their businesses in the US?

As for their motivations, the previously mentioned report showed most of the surveyed EOCs launched their businesses because they desired to be their own boss (30%) or they were disillusioned with corporate America (20%).

Still, a small percentage of them went into entrepreneurship: 

• To pursue a passion — 13%, 
• When they encountered an opportunity they couldn’t refuse — 11%, 
• Because they’d been laid off — 9%, or
• Because they weren’t ready to retire just yet — 8%.

How much do entrepreneurs of color pay to start their businesses in the US?

Guidant Financial’s 2023 Entrepreneurs of Color report revealed 54% of businesses owned by the surveyed EOCs were profitable. However, to start them, they had to spend:

• $50K to $175K — 31.7%,
• $250K to $500K — 24.7%,
• $500K to $1MM — 14.7%,
• $175K to $250K — 14.3%, 
• More than $1MM — 8.4%, and
• Less than $50K — 6.2%. 

As to the types of businesses they established, 32% of participants started a new franchise, and only 14% bought an existing one.

However, when it comes to independent businesses, more EOCs bought them (29%) than started new ones (25%). 

And in which industries do EOCs most often launch their businesses? 

The same report showed that much like in the case of women, the surveyed EOCs preferred retail (21%), health, beauty, and fitness (16%), and food and restaurant services (10%). Other top options for them included business services (10%) and automotive services (7%).

How do entrepreneurs of color feel about the future of their businesses in the US?

The changing economic landscape is a source of worry for many business owners, including EOCs. Interestingly enough, though, Guidant Financial’s 2023 Entrepreneurs of Color report showed blossoming confidence among them.

The report indicated 48% of the surveyed EOC business owners believed the economy was going into a long-term recession. Only 19% thought it wasn’t — and 3.3% were unsure of it.

Still, an incredible 74% of them expected their businesses to survive today’s economy. Only 22% weren’t sure about it, and an even smaller percentage (just 4%) said they believed their businesses wouldn’t prevail. 

That same Guidant Financial report also examined EOCs’ optimism as far as small business survival goes. Fortunately, the findings were pretty balanced. Though 40% weren’t so confident about it, 38% said they were somewhat or very confident about their business’s survival.

Statistics on LGBTQ+ entrepreneurs in the US

There’s little data to rely on when it comes to determining how many entrepreneurs are LGBTQ+ in the US. 

However, the StartOut Index gives us a glimpse into how well the community is represented in US entrepreneurship.

One of the focuses of the StartOut index, a research project helmed by StartOut and Socos Labs, is the Entrepreneurship Equity Score. This indicator shows:

• How well represented target entrepreneurs (in this case, LGBTQ business owners) are in a specific region, and
• The difference between estimated and reported data. 

Currently, the metropolitan regions with the highest Entrepreneurship Equity Scores of 90 are San Francisco Bay Area and Los Angeles, both in California. In other words, these regions are performing well in terms of minority representation and their achievements. 

Other regions with high scores include:

• Denver, Colorado — 80,
• Columbus, Ohio — 80,
• New York, New York — 78,
• Austin, Texas — 76.

The StartOut Index also shows which industries are best represented in these areas among LGBTQ entrepreneurs. 

Unsurprisingly, information technology — specifically software development — is one of the most dominant industries in all 6 of the highest-scoring regions. Other notable industries include:

• Media,
• Diversified financial services,
• eCommerce, and
• Saas.

How gender-inclusive are LGBTQ businesses?

If you thought that the LGBTQ community was generally more gender-inclusive — you weren’t wrong. 

The most recent report on entrepreneurship in the LGBTQ community is the LGBTQ-Owned Small Businesses in 2021 report by the Center for LGBTQ Economic Advancement & Research (CLEAR) and the Movement Advancement Project (MAP). The research in this report relied on the data found in the Federal Small Business Credit Survey (SBCS) — a national survey of small businesses.

As many as 10,914 small businesses took part in the survey in 2021. Out of those, more than 4% reported to be LGBTQ-owned businesses, and 2% were at least partially LGBTQ-owned.

Interestingly enough, those businesses were more likely to be owned by women in comparison to non-LGBTQ-owned businesses. 

The survey data showed 34% of the surveyed LGBTQ-owned businesses were women-owned, as opposed to 20% of non-LGBTQ-owned businesses.

How racially inclusive are LGBTQ businesses?

However, when it comes to race and ethnicity, the previously mentioned report showed a similar disparity between LGBTQ and non-LGBTQ-owned businesses.

A great majority of the surveyed LGBTQ businesses were owned by white business owners (83%) — so people of color accounted for only 17% of small businesses.

Those 17% were broken down into the following categories:

• Asian — 7%,
• Hispanic — 7%,
• Black — 2%, and
• Native American — 1%.

Curiously enough, the same report showed a great deal of LGBTQ businesses were also immigrant-owned (21%) or partially immigrant-owned (24%). To compare, non-LGBTQ businesses accounted for 15% and 20% respectively in these categories.

Which industries are dominant among LGBTQ-owned businesses?

The previously mentioned report on LGBTQ small businessees also revealed retail was one of the most popular industries in that community. 

According to the report, 22% of the surveyed LGBTQ-owned businesses were retail businesses, followed closely by leisure and hospitality (18%) and professional services and real estate (17%).

Other industries mentioned in the report were:

• Business support and consumer services — 15%,
• Healthcare and education — 14%,
• Non-manufacturing goods production — 10%,
• Manufacturing — 3%, and
• Finance and insurance — 2%.

How successful are LGBTQ-owned businesses?

Unfortunately, the previously mentioned report showed LGBTQ-owned businesses still face plenty of hardship when it comes to success. 

For starters, the report revealed poor financial health was more prevalent among LGBTQ-owned businesses (28%) in comparison to non-LGBTQ-owned businesses (20%). 

Even worse, the report showed more LGBTQ-owned businesses had lower profitability than non-LGBTQ-owned businesses. 

The data focused on the year 2020, in which 61% of LGBTQ-owned businesses suffered financial losses. To compare, only 48% of non-LGBTQ-owned businesses experienced the same misfortune.

What challenges do LGBTQ-owned businesses face?

The previously mentioned report showed that in 2021, LGBTQ-owned businesses were more likely to report business challenges. These included operational, workforce, and financial challenges.

The top 3 operational challenges these businesses faced were:

• Supply-chain issues — 66%,
• Hiring or keeping qualified employees — 62%, and
• Growing sales or reaching customers — 61%.

The difference was minimal in all 3 categories when compared to non-LGBTQ-owned businesses. However, there was a more alarming difference in another category — ensuring the health and safety of staff and customers. 

When it comes to health and safety, more than half of the surveyed LGBTQ-owned businesses (53%) had difficulties. In contrast, only 37% of non-LGBTQ-owned businesses reported facing the same challenge.

Top 3 financial challenges reported by LGBTQ-owned businesses include:

• Paying operating expenses — 72%,
• Weak sales — 69%, and
• Uneven cash flow — 69%. 

The bulk of the respondents used their personal funds to respond to financial challenges (73%), while 70% obtained funds they needn’t repay or used cash reserves (66%).

As for workforce challenges, LGBTQ-owned businesses reported they were having difficulties filling positions (58%) and retaining employees (38%). 

To respond to these challenges, 70% increased owner or employees’ workload, 63% increased wages, and 53% reduced operating hours, declined work, or temporarily closed their businesses.

Statistics on global entrepreneurship

Is entrepreneurship as well accepted globally as it is in the US? The latest GEM report offers all the answers.

As mentioned previously, TEA and EBO are 2 measurements that show us the percentages of adults who are:

• Nascent entrepreneurs or new business owners or managers (TEA), and
• Owners or managers of established businesses (EBO).

In short, these indicators show us the percentage of individuals in each country that are actively starting or running a new or established business.

The 2022/2023 GEM Report provided the TEA and EBO percentages for 49 participating economies. 

As you can see from this top 5 list, entrepreneurial activity seems to be rather strong in Latin America:

Country	TEA (% of adults 18–64)	Rank	Country	EBO (% of adults 18–64)	Rank
Guatemala	29.4	1	Republic of Korea	19.9	1
Colombia	28.0	2	Togo	18.0	2
Panama	27.9	3	Greece	13.3	3
Chile	27.0	4	Latvia	12.3	4
Uruguay	26.3	5	Guatemala	11.6	5

What are the best countries for entrepreneurship overall?

GEM researchers define the entrepreneurial context of the participating economies through Entrepreneurship Framework Conditions (EFCs). The 2022/2023 report outlined the following conditions that were examined to determine the state of entrepreneurship in each economy:

• Entrepreneurial finance,
• Ease of access to entrepreneurial finance,
• Government policy —  support and relevance,
• Government policy — taxes and bureaucracy,
• Government entrepreneurial programs,
• Entrepreneurial education at school,
• Entrepreneurial education post-school,
• Research and development transfers,
• Commercial and professional infrastructure,
• Ease of entry — market dynamics,
• Ease of entry — burdens and regulations,
• Physical infrastructure, and
• Social and cultural norms. 

To determine how healthy the entrepreneurship environment is across participating countries, the 2022/2023 GEM Report referred to a key indicator known as the National Entrepreneurship Context Index (NECI). NECI is calculated by averaging each economy’s EFC scores.

Here are the NECI scores of the 51 countries that took part in the 2022 GEM National Expert Survey:

Country	NECI score
United Arab Emirates	7.2
Saudi Arabia	6.3
Taiwan	6.2
India	6.1
Netherlands	5.9
Lithuania	5.8
Indonesia	5.8
Switzerland	5.8
Republic of Korea	5.7
Qatar	5.7
China	5.6
Israel	5.5
Latvia	5.5
Norway	5.2
United States	5.2
Canada	5.1
Germany	5.1
France	5.1
Sweden	5
Luxemburg	5
Japan	5
Austria	4.8
Slovenia	4.8
Hungary	4.7
United Kingdom	4.7
Greece	4.6
Serbia	4.6
Colombia	4.5
Chile	4.5
Uruguay	4.5
Slovak Republic	4.4
Egypt	4.3
Cyprus	4.3
Panama	4.3
Morocco	4.3
Romania	4.2
Italy	4.2
Oman	4.2
Croatia	4.1
South Africa	4.1
Spain	4
Puerto Rico	3.8
Guatemala	3.8
Mexico	3.8
Poland	3.8
Argentina	3.7
Tunisia	3.7
Brazil	3.6
Togo	3.6
Iran	3.6
Venezuela	3.2

What age are entrepreneurs around the world?

According to the 2022/2023 GEM Report, younger people are more likely to delve into the world of entrepreneurship. The report showed younger adults had a higher Total early-stage Entrepreneurial Activity in 35 out of the 49 economies that were analyzed.

The data covered individuals looking to start or run a business in 2 age groups: adults aged 18 to 34 and 35 to 64. 

The results show that the younger group had the highest TEA rates in Latin America and the USA, whereas the lower rates could be predominantly noticed across Europe:

As for the older group, research put Latin America as the forerunner, while Poland once again found itself at the bottom of the list:

Country	Highest TEA (% of adults 35–64)	Country	Lowest TEA (% of adults 35–64)
Chile	27.3	Greece	4.7
Panama	27.0	Taiwan	4.6
Colombia	27.0	China	4.4%
United Arab Emirates	26.5	Morocco	3.1
Uruguay	22.5	Poland	0.9

How big is the gender gap in global entrepreneurship? 

The 2022/2023 GEM Report showed that in most countries, the male TEA rate was higher than the female TEA rate, indicating a major gender gap on a global level. 

However, there were 4 economies where the female TEA rate surpassed the male one:

Country	Male TEA (%)	Female TEA (%)
Togo	22.6	25.4
Indonesia	7.0	9.2
Qatar	10.6	11.0
Poland	1.5	1.6

These rates, albeit hopeful, confirmed entrepreneurship was still male-dominated around the world. The EBO rates confirmed this too, as female EBO rates surpassed male EBO rates in only 5 economies:

Country	Male EBO (%)	Female EBO (%)
Togo	17.0	18.9
Saudi Arabia	9.5	10.1
Indonesia	5.5	5.9
Venezuela	2.4	2.7
Israel	3.3	3.6

The GEM report also indicated the EBO relative gender gap was often smaller than the TEA relative gender gap. According to the researchers, this suggested 2 conclusions:

• Gender equality between new entrepreneurs is somewhat of a recent phenomenon, and/or
• Women have a harder time transitioning their ventures into established businesses than men.

How educated are entrepreneurs around the world?

The 2022/2023 GEM Report also inquired about the highest level of education entrepreneurs from around the world managed to attain. The results showed that even though you don’t need a degree to be an entrepreneur — it’s definitely going to help. 

GEM calculated the TEA rate for both graduates and non-graduates across the 49 participating economies. The data showed the TEA rate for graduates exceeded that of non-graduates in 45 countries — the only exceptions were:

• Qatar, 
• Tunisia, 
• Brazil, and 
• Saudi Arabia.

The highest TEA rate for graduates was reported in Guatemala at 42.2%, while the lowest was found in Poland at 1.6%. Both countries also have the highest and the second-lowest TEA rates for non-graduates — Guatemala’s rate was 28.2%, while Poland’s was 1.4%.

Interestingly, the data showed Israel had a TEA graduate rate of 8.9%, but its non-graduate TEA rate was 0.0%. Thus, GEM’s survey suggested that in 2022, non-graduates didn’t start or run any new businesses in that country.

Why do entrepreneurs start their businesses?

The 2022/2023 GEM Report also investigated the reasons someone might start a business, asking survey respondents to somewhat or strongly agree with 4 predefined motivations.

Here’s which motivations were the most prevalent according to GEM’s findings:

Motivation	Lowest % of TEA who somewhat or strongly agree	Country	Highest % of TEA who somewhat or strongly agree	Country
Make a difference in the world	8.4	Republic of Korea	81.7	Romania
Build great wealth or very high income	36.5	Slovak Republic	87.3	Saudi Arabia
Continue a family tradition	4.6	Republic of Korea	68.6	India
Earn a living because jobs are scarce	24.9	Sweden	89.9	Venezuela

As for which sectors were dominant across the globe, GEM didn’t go into too much detail. The research covered 2 very broad categories — business-related and consumer-oriented services as percentages of TEA. 

Per the latest findings, the highest percentages of TEA for consumer-oriented services in 2022 were noticed in Saudi Arabia and Indonesia (88%). Meanwhile, the highest percentage of TEA for business-related services was found in Israel (over 43%).

Why do entrepreneurs exit their businesses?

The GEM Adult Population Survey tried to learn how many entrepreneurs had exited their businesses in the past 12 months. Using that data, the 2022/2023 GEM Report showed the highest percentages of business exits were noticed in these 6 countries:

• United Arab Emirates — 14.6%,
• Brazil — 13.0%,
• Saudi Arabia — 11.5%,
• Oman — 11.2%, and
• Panama — 11.1%.

The same survey inquired about the reasons for these exits and categorized them into:

• Positive, 
• Negative, and 
• COVID-related. 

Some of the positive reasons to exit a business would be another business opportunity or a chance to sell the business. The top 5 countries with the highest percentages of these reasons were:

• Saudi Arabia — 5.2%,
• United Arab Emirates — 3.4%,
• Canada — 2.8%, 
• United States — 2.7%, and
• Netherlands — 2.3%.

Negative reasons for a business exit include unprofitability, high taxes, bureaucracy, and similar. The top 5 countries with the highest percentages of negative reasons were:

• Brazil — 8.2%,
• United Arab Emirates — 8.1%,
• Togo — 7.4%, and
• Egypt — 7.3%.

The COVID-related negative measurement was added in 2020 to determine how the pandemic affects entrepreneurs and the status of their businesses.

As the pandemic is slowly but surely becoming a thing of the past, COVID-related reasons for a business exit were in decline in 2022. They accounted for less than 1% of adults across 31 out of the 49 participating economies. The highest rates were marked outside Europe in:

• Panama — 4.4%,
• Oman — 3.4%,
• Brazil — 3.0%, and
• Mexico — 2.5%. 

How concerned are entrepreneurs about their social impact?

According to the 2022/2023 GEM Report, strong social and environmental concerns could be noticed among both new and established businesses. 

These concerns have become even more prevalent since the pandemic, with many confirming they take them into account when making strategic decisions about their business.

The report examined how important social implications were to those starting or running new or established businesses. The top 5 countries with the highest percentages in this category were:

Country	% TEA that always consider the social implications of their decisions	Country	% EBO that always consider the social implications of their decisions
Guatemala	93.3	Poland	91.9
Panama	90.9	Puerto Rico	92.1
Taiwan	90.9	Brazil	91.0
Brazil	90.2	Romania	90.5
United Arab Emirates	90.2	Guatemala	90.3

Are entrepreneurs trying to be more environmentally friendly?

As for environmental implications, the previously mentioned 2022/2023 GEM Report showed that in 19 economies, 4 out of 5 new and established business owners always took into account their potential impact. 

The top 5 countries with the highest scores in this category were:

Country	% TEA that always consider the environmental implications of their decisions	Country	% EBO that always consider the environmental implications of their decisions
Panama	93.7	Brazil	94.5
Guatemala	93.5	Panama	91.3
Slovenia	93.0	Poland	90.6
Chile	91.9	Chile	90.2
Puerto Rico	90.3	Guatemala	90.0

Despite these findings, there’s a lack of awareness regarding the UN Sustainable Development Goals (SDGs).

Out of the 34 out of 49 participating economies that chose to ask new entrepreneurs about SDGs, only Norway (61.3%) and Poland (43.2%) yielded mostly positive results. 

As for established business owners, the highest percentages of awareness were noticed in Poland (60.3%) and Romania (47.3%).

Conclusion: The latest entrepreneur statistics show entrepreneurship is as popular as ever

Entrepreneurship has become a highly coveted career choice and is likely to continue growing in popularity in 2023. However, the latest entrepreneur stats show that besides a lack of inclusivity, rising inflation is another major challenge entrepreneurs have to deal with in the future.

Time will show if women and entrepreneurs of color get more representation not just in the US but globally too. It is not a question of whether they deserve it — but whether society has matured enough to recognize their efforts and provide them with more opportunities.

That said, the shifting global economic landscape is a major hurdle that has already cast a shadow on entrepreneurship as we know it. Many entrepreneurs lack the confidence to continue growing their businesses — and potential ones are rethinking their choices.

In the end, it’s evident entrepreneurship is not an easy path to take — but it comes with plenty of benefits if you do succeed at it. Hopefully, these entrepreneur statistics have given you an insight into what to expect and how best to prepare for starting your business.

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