Entrepreneurship is at an all time high, with an estimated 5.5 million businesses being registered by such individuals in 2022 alone. This means that there are around 31 million entrepreneurs in the US, which indicates that they represent a solid 16% of the overall workforce with all things having been considered and taken into account.
With all of that having been said and now out of the way, it is important to note that there are some trends that can be noted as far as entrepreneurs are concerned. Skynova conducted a study which revealed that around 58.5% of entrepreneurs are men, which means that around 41.5% are women
This shows that there is a significant discrepancy among who ends up becoming an entrepreneur from the perspective of gender. However, an even bigger divide can be seen if we widen the lens to take race and ethnicity into account.
For one thing, a whopping 71% of entrepreneurs who are operating in the US are white. 14% of them are Hispanic, 6% are African American, and a similar proportion are Asian or 6% to be precise. This ratio is disproportionate based on the population distribution between these various ethnicities, and it suggests that that playing field is less level than might have been the case otherwise.
Furthermore, a lot of discrepancies can be seen based on age. People who are over the age of 40 represent the majority of entrepreneurs, or 63% to be precise. 30% are between the ages of 30 and 40, and just 7% are between 20 and 30.
This concentration of entrepreneurs among older age groups is telling because of the fact that this is the sort of thing that could potentially end up indicating the advantage that older individuals might have. One potential reason for this is that older people might have had more time to save up, although it should also be mentioned that they grew up during better economic eras which likely gave them more opportunities to explore.
In spite of the fact that this is the case, there are still a lot of opportunities for people who want to become entrepreneurs these days. Startups in the travel sector have increased by a massive 201%, with media following close behind with a 198% increase.
Energy startups have also seen a tremendous growth rate of around 174%, with security startups growing at a healthy rate of 171% as well. Finally we have real estate, with 161% more entrepreneurs entering this field as compared to the previous year.
However, it is essential to avoid the many pitfalls that can make it difficult for startups to stay up and running. For example, 34% of startups that failed were not able to find the right product fit for their market. 22% of them failed due to issues with their marketing, and 18% faced problems with their teams that made it challenging for them to keep going.
All in all, the world of entrepreneurs is getting more and more entrants every year, but only a few of them manage to stay stable. People who want to enter the field must be wary of what could go wrong.
Take a look at below infographics for more insights:
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With all of that having been said and now out of the way, it is important to note that there are some trends that can be noted as far as entrepreneurs are concerned. Skynova conducted a study which revealed that around 58.5% of entrepreneurs are men, which means that around 41.5% are women
This shows that there is a significant discrepancy among who ends up becoming an entrepreneur from the perspective of gender. However, an even bigger divide can be seen if we widen the lens to take race and ethnicity into account.
For one thing, a whopping 71% of entrepreneurs who are operating in the US are white. 14% of them are Hispanic, 6% are African American, and a similar proportion are Asian or 6% to be precise. This ratio is disproportionate based on the population distribution between these various ethnicities, and it suggests that that playing field is less level than might have been the case otherwise.
Furthermore, a lot of discrepancies can be seen based on age. People who are over the age of 40 represent the majority of entrepreneurs, or 63% to be precise. 30% are between the ages of 30 and 40, and just 7% are between 20 and 30.
This concentration of entrepreneurs among older age groups is telling because of the fact that this is the sort of thing that could potentially end up indicating the advantage that older individuals might have. One potential reason for this is that older people might have had more time to save up, although it should also be mentioned that they grew up during better economic eras which likely gave them more opportunities to explore.
In spite of the fact that this is the case, there are still a lot of opportunities for people who want to become entrepreneurs these days. Startups in the travel sector have increased by a massive 201%, with media following close behind with a 198% increase.
Energy startups have also seen a tremendous growth rate of around 174%, with security startups growing at a healthy rate of 171% as well. Finally we have real estate, with 161% more entrepreneurs entering this field as compared to the previous year.
However, it is essential to avoid the many pitfalls that can make it difficult for startups to stay up and running. For example, 34% of startups that failed were not able to find the right product fit for their market. 22% of them failed due to issues with their marketing, and 18% faced problems with their teams that made it challenging for them to keep going.
All in all, the world of entrepreneurs is getting more and more entrants every year, but only a few of them manage to stay stable. People who want to enter the field must be wary of what could go wrong.
Take a look at below infographics for more insights:
