8 Fascinating Statistics About Entrepreneurship in America

8 Fascinating Statistics About Entrepreneurship in America

When COVID-19 came to America, it forced millions of people to adapt to new technology and roles within their job. As daily routines changed and more people began working from home, the pandemic also caused people to rethink their job and what they want out of life.

Now, more than a year into the pandemic, we’re seeing a sharp increase in people interested in entrepreneurship or independent work.

The State of Entrepreneurship in America

1. There are Nearly 600 Million Entrepreneurs in the World

The United States currently rates sixth on the World Bank’s Ease of Doing Business index. Most notably, America ranks high in terms of ease of resolving insolvency and obtaining credit for a new business.

2. There are More Young Businesses

As of 2019, there were 775,000 businesses in America that have been in business less than one year. This number is incredibly important for two reasons — not only is this a 5.6 percent year-over-year increase from 2018, but it’s also the highest number of young establishments there’s ever been in one year looking back 25 years.

3. Female Entrepreneurship is on the Rise

Female franchise ownership jumped by 83 percent between 2011 and 2017 and is only expected to continue to grow. Today, women own 12.3 million businesses in America, which equates to an astounding 42 percent of all U.S. companies. In 1972, there were roughly 400,000 female-owned businesses.

4. The Percentage of Minority-Owned Businesses is Also Increasing

Minority-owned companies made up more than half of the two million new businesses that were launched in the United States over the past decade.

5. Motives are Changing

Between 2019 and 2020, the number of people who cited “dissatisfaction with corporate America” as their main reason for pursuing entrepreneurship grew by 27 percent. Currently, the desire to “be your own boss” and wanting to “pursue a passion” are rated as the most popular motives for starting a business.

6. Franchises Tend to Have Higher Success Rates

Based on research data from 2019, the two-year franchise success rate is about 8 percent higher than the independent business success rate.

7. Veterans are Attracted to Franchising

As of 2017, roughly 14 percent of all franchisees were military veterans. In that same year, veterans owned 66,000 franchises across the country.

At Home Helpers®, we have a deep respect for veterans and the dedication, commitment, and leadership they bring to a franchise. This is why we’re proud to offer veterans over $9,000 off their franchise fee.

8. The In-Home Senior Care Industry is Growing

Between 2016 and 2021, the market size of the In-Home Senior Care Franchises industry in America grew 8.7 percent per year on average.

As an essential business, Home Helpers® Home Care is proud to be helping our seniors stay healthy and safe during these uncertain times. If you’re someone who’s looking to make a positive difference in the lives of senior citizens, become a part of our successful franchise!

Make someone’s life easier while delivering an exceptional experience by reaching out to our team at (844) 899-8801 or contacting us online.