Out of 582 million entrepreneurs in the world, 31.7 million are in the U.S., making 99.9% of all U.S. businesses fitting into a small business category (SBA).
Are you one amongst that 31 million? Then Congratulations! If you ever felt that your business is too small to talk about, the 99.9% statistics sure will boost up your positivity. According to a global entrepreneurship monitor, 55% of adults in the U.S. have started at least one business in their lifetime. Have you already started yours? Or considering starting this year? Well, there is a NO better time than today.
Taking the first step will guide you where to put your second foot; already making your success 50%, whereas, brewing ideas in your head and not executing them will make you 100% a failure.
Decision-making and action taking are two integral parts of entrepreneurship whereas college education is becoming less common among entrepreneurs in the U.S. Roughly 56% of self-employed in 2019 had a college degree, which is lowering to 44% according to a study. Expensive college education, the burden of student loans, and not having a job guarantee are some reasons to make the new generation tilt towards entrepreneurship.
Women, along with men are equally growing their interest in choosing entrepreneurship as their career. 27% of small business owners in the U.S. are women.
If you are a businesswoman, empower yourself; or if a woman in your family has chosen this path, support her for walking in this fulfilling journey. The path of entrepreneurship is not always easy; roughly 50% of new businesses close within five years of being open, and 90% of women-started businesses fail in the first three years according to studies. On the contrary, 80% of American billionaires are self-made, which is an encouraging note for budding entrepreneurs.
According to the U.S. census bureau, the average Asian entrepreneur makes around $63,000 per year, compared to $58,000 for the average Asian non-entrepreneurs. The majority of entrepreneurs express fulfillment in their job regardless the income. Kauffman’s indicators of entrepreneurship suggest that 92% of Asian entrepreneurs in the U.S. started new businesses out of opportunity, rather than a necessity in 2018. Are you one of them? Or is it a passion calling?
Whatever reason you have chosen to make entrepreneurship your career, you have decided to become one more Elon Musk of your SpaceX and set yourself for success.
Wishing you all the best in your voyage of Entrepreneur-Ship.
-NACOC