Entrepreneurship Statistics & Trends for 2022
55% of adults in the U.S. have started at least one business during their life. Here are some entrepreneurship statistics and trends to help guide you through 2022 and beyond.
55% of adults in the U.S. have started at least one business during their life. Here are some entrepreneurship statistics and trends to help guide you through 2022 and beyond.
55% of adults in the U.S. have started at least one business during their life. Being an entrepreneur is not a straight shot to success. There are no elevator rides from mom-and-pop shop to multinational enterprise. And the events of 2020-2021 have shaken up almost every industry across the globe.
Here are some entrepreneurship statistics and trends to help guide you through 2022 and beyond.
Black Entrepreneurship Statistics
Firms owned by women of color grew twice as much (43%) as the total number of women-owned businesses grew (21%) from 2014 to 2019, according to American Express. As of 2019, women of color account for 50% of all women-owned businesses.
20% of all businesses in the U.S. are owned by people of color.
32% of Black-owned businesses are in the healthcare industry.
New York has the largest number of Black-owned businesses of any state in the country.
The average yearly income for entrepreneurs is $64,000 for white entrepreneurs and $50,000 for non-white entrepreneurs.
Small Business Statistics
There are just under 31 million small businesses in the United States.
A small business is generally defined as having a maximum of 100 employees (though it’s as high as 1,500 in some industries) and making $41.5 million in annual receipts or less.
76% of small business owners in the U.S. say they are somewhat or very happy while only 13% report being somewhat or very unhappy, according to Guidant Financial.
92% of Fundera survey respondents say they don’t regret starting their business.
The Impact of COVID-19
Since the quarantine era of the coronavirus pandemic, Americans have been filing new business applications faster than any year since 2007, according to the U.S. Census Bureau. As unemployment and layoffs grew, many people looked at starting a new business as a way to make money in uncertain times. During the shutdowns and quarantines that rolled through, lots of people had unprecedented time at home to think about new ideas or start planning things they’ve always wanted to do.
There were also millions of businesses that closed shop for good during the stress of the pandemic, which meant many communities had unmet needs. And with the huge digital push that was created, overhead costs to start a business were suddenly much lower than they’ve been in a long time.
Key Takeaways
Small businesses are gaining ground as we move through 2022 and beyond. Consumers want a more authentic experience, and they want to support businesses – and business owners – created for and motivated by a desire to chase their dreams and make a difference in their world. Consumers also tend to trust small businesses over large corporations. “Shop small” initiatives are present in communities of all sizes, both physically and virtually. According to Gallup, 75% of U.S. adults had a lot of confidence in small businesses.
63% of Americans believe being an entrepreneur is a good career choice. What do you think? Do you have any big business goals this year? Small goals? Either way, HarlemAmerica was built to help you reach those goals.
Set Your Small Biz Up for Success
Are you looking to help establish fame, fortune, and followers for a personal brand or small business? A study by Grand View Research predicts that the podcast industry will grow 27.5% by 2027. Now is a great time to start thinking about the kinds of content you want your business to produce in the next few years.
The HarlemAmerica Digital Network is dedicated to helping Black small business owners, entrepreneurs, coaches, thought-leaders, attorneys, physicians, realtors, and celebrities. Check out our website to learn more about our small business membership packages.