If you are new to the world of entrepreneurship and have not yet come across any entrepreneurship facts, then you have most certainly been missing out on something that could drastically improve your life. Many people look at entrepreneurship with the common misconception that it is all about building the biggest business known to man, regardless of its potential niches or aspects. In actuality, entrepreneurship is both extraction or creation of value from things existing. With that definition in mind, entrepreneurship has often been seen as risky change, usually involving high risk beyond what is typically encountered in just starting a business.
10 Entrepreneurship Facts:
62% of US billionaires are Self-Made.
One of the first entrepreneurship facts Wealth-X’s research found that only 20% of US billionaires achieved their status through inheritance and the majority are self-made. This is one reason so many young entrepreneurs strive to become a billionaire, but not everyone can have success in this endeavor: 18% acquired theirs through both luck (inheritance) and hard work.
15 million Americans are full-time self-employed
America is becoming a land of entrepreneurs. One of entrepreneurs facts is that one in five workers are ready to change their careers when they become self-employed professionals, and by 2020 there will be 27 million socially creative Americans working alongside the 9% that already have jobs as independent contractors or freelancers.
62% of adults believe entrepreneurship is a good career
Entrepreneurship is a growing trend across the world. A staggering number of people believe in entrepreneurship facts that they have what it takes to start their own business, with an astonishing 40% believing that entrepreneurship would be easy for them and 49% feeling confident in themselves as entrepreneurs.
33% of entrepreneurs have only a high-school diploma
Some other facts about entrepreneurs are that the third of all small business owners who never got past high school proves that a college degree is not always necessary. Many people don’t know this because we are constantly told to go to college by the media and our parents, but even if you can’t afford it or just aren’t interested in going after high-school there are many other options for success like starting your own company with help from friends and family members!
59% of entrepreneurs who apply for a loan use it to expand their business
When it comes to running a small business, loans play an important role in keeping firms afloat and making strides towards the future. In 2018, 43% of entrepreneurs used their funds for operating expenses while 26% needed them to refinance some other loan; this shows just how much lenders are relied on by enterprises across all sectors.
26% of entrepreneurs turn to the internet for business-related advice
The internet is a great resource for any entrepreneur. It contains up-to-date information that can help your company grow, and it lets you interact with other entrepreneurs in order to exchange ideas or find solutions. Out of those surveyed, 19% looked online first when they needed advice while 14% turned towards books as their answer provider. Meanwhile only 11% consulted family members before anyone else about the advise they needed!
22.5% of small businesses fail in the first year
Many entrepreneurs face the difficult decision of whether or not to keep going with their company. One of the facts about entrepreneurship is that many small businesses don’t make it past 5 years, but statistics show that many more survive for at least 10 and increase in success as they get older!
62% of small businesses don’t have any staff
The workload for entrepreneurs can be a lot of work, so many choose to go solo. The same report shows entrepreneurship facts that only 10% have over 5 employees and 28% have 1-5 employees because they’re difficult to find the right staff or it’s expensive in comparison.
63.3% of all new jobs in the US were created by small businesses over a 20-year period from 1992 to 2013!
From 2001 to 2009, entrepreneurship has been generally good for the economy as more than half of net new jobs came from these small businesses. The only two recessions in this time period were when investment was low and didn’t create many opportunities; however during both periods there continued to be an uptick in entrepreneurial activity that helped avoid a deep economic downturn.
68% of small businesses have an outstanding debt
The vast majority of enterprises are in debt, with 55% owing less than $100k. 37% owe about a million dollars, and only 9%, the wealthiest companies on average according to this entrepreneur facts & statistics survey from 2017. It’s worth noting that most of these debts seem like they’ve been dragging out for at least one year before then as well
