Interesting Entrepreneur Statistics You Should Know in 2022
Entrepreneur statistics and data are becoming the holy grail for entrepreneurs. It’s no surprise that companies understand the value of data in the business more than ever. Honing the entrepreneurs statistics available, you can turn your business game upside down. Knowing your market analysis, accounting statistics, customers’ behavior stats, and macro trends, you can cut potential costs and bring your business to a different level.
But, the catch is most people can’t make sense of the troves of data. In raw form, it is useless, so it needs to go through excessive study and analysis to divulge useful insights. Many business owners consider statistics as the high-hanging fruit. They know the benefits it can bring to your business, yet they tend to shy away from applying it.
As it’s not easy to win to find the right statistics for entrepreneurs, they try to focus on the short-term wins that focus on instant goals that keep the money rolling and the wheel turning. Knowing all these issues, we are here to provide you with a 360 view of entrepreneurship statistics.
This article gives you a complete walkthrough of how entrepreneur statistics help you in your business and how you can use them.
At last, we will show you some breath-taking stats and data points for your enterprise. So, let’s get started.
Fascinating Entrepreneurship Statistics
To make your search hassle-free, we have gathered some incredible statistics regarding entrepreneurs. These stats are categorized in different lists to ease your research further.
The Overall Scope of Entrepreneurship in 2022
60% of the teens want to launch their business (CNBC).
- Individuals are looking at future employment from a different angle as compared to their elders. Primarily the role of social media and the success of leading entrepreneurs have created hype among young children.
- As they are constantly engrossed in startup information, they tend to find their cup of tea in entrepreneurship.
- Junior Achievement USA conducted an online survey on March 1, 2022. According to the survey, 1000 teens participated in it, and a whopping 60% see themselves as entrepreneurs soon.
63% of the American adults voted in favour of entrepreneurship (Babson):
- While there might be some naivety among the common American adult toward entrepreneurship, most of them think they can choose it as a career.
- Global Entrepreneurship model statistics show that more than half of the adults choose entrepreneurship as a career path than a typical job.
5% of the global world population is entrepreneurs:
- There is a boom in business in the world. New startups appear on the earth to solve different problems we face, and the number is yet to reach the reasonable threshold.
- According to Asian entrepreneur.org, out of the 7 billion world’s population, 500 million are entrepreneurs. These entrepreneur statistics show a significant rise in startups, but the figure is yet small.
UAE, Netherlands, and Finland rank the top favorable countries for entrepreneurs (WEF).
- The place where you start a business affects the success and failure of your startup. While there are a lot of startup nations, some provide the best facilities for the people.
- A startup in a third-world country cannot be at par with a developed country like the USA. It’s because of the growth conducive environment and opportunities.
- According to the Global entrepreneur’s report 2022, UAE, Finland, and the Netherlands are the leading startup nations out of 50 countries.
One-third of the world’s entrepreneur only has a high school (Guidant Financial).
- Those who connote their success with college degrees need to understand one fact success doesn’t depend on what you have studied in the future.
- Around 30% of the entrepreneurs have only a high school degree. Either they have never been to college or have dropped out in the middle.
Only 25% of the startups survive all over the world (BLS):
- Three-fourths of every entrepreneur fail to make a mark in the long run. There are a lot of reasons behind it.
- Some fail because the environment where they start isn’t conducive to business. Some face operational challenges.
- Others face the wrath of competitors leading them to wind up their business.
Woman Entrepreneur Statistics
252 Million Entrepreneurs are Women (what to become):
- Despite the greatest hurdles in society, particularly in the developing world, women entrepreneurs are half in a number of the total 582 million entrepreneurs in the world.
- Panama is the country with the most female entrepreneurs in the world (29%).
Chicago has the most women-owned startups (World Atlas):
- The USA is the epitome of human rights in the world. Well known for the freedom it gives to women, the USA has always been on the top list regarding women’s rights.
- While the whole country has healthy female participation in the enterprise, Chicago tops the list. According to the world atlas, around 30% of the Chicago startups are owned by women.
1 out of 3 businesses are owned by females globally:
- According to World Bank, the small to big business owner ratio between men and women is 1:3. The frequency of business owned varies drastically across the globe.
- In Latin America and the Caribbean, the number of businesses owned by women is 50% as compared to men.
- However, the areas where the lowest startups are owned by women are East Asia, Pacific Asia, and South Korea. Nevertheless, women’s participation in business is increasing at a fast pace.
Small Business Statistics in the UK
99.9 % of businesses in the UK are either startups or small enterprises (Startups):
- The UK has been the hotbed of entrepreneurial activity since the turn of the 21st century. Its bustling business market is narrowed down to startups.
- Currently, around 99.9% of business activity is because by SMEs. Due to the small corporate size, the average employee base is around 49 employees per startup.
- It shows that people are more interested in new ideas and have a knack for creating demand in the crowded market.
Most entrepreneurs in the UK are close to 40 years of age (Enterprise Nation):
- There has been a misconception that most entrepreneurs are fresh blood. People believe that it’s the young minds that come with fresh ideas.
- However, The Enterprise Nations tells a different story. It states that the average age of entrepreneurs in the UK is 40.
- It debunks the old myth and sets a new precedent that even an aged person can be an innovator and trailblazer in a field.
- It’s rather encouraging to see people from every walk of life coming towards business.
The startup failure rate in the UK will reach 60% in 2022 (Accounts and Legal):
- The UK’s business landscape is marred with dichotomies and paradoxes. You can see around 91% of businesses succeeding after the first year of their launch.
- However, the failure rate is also a genuine factor. According to Accounts and Legal, 6 out of 10 businesses fail in the first five years of launch.
- Unlike other parts of the country, London alone has a 50% of failure rate. So, it’s hard to succeed, let alone survive in the highly competitive environment of the UK.
28% of the startups kickstart their operations in less than £1000:
- According to entrepreneur statistics, in 2022, UK entrepreneurs will be savvier to start their businesses at low costs. While it depends on the niche and the business model they use, the overall valuation remains low.
- That’s because people are very eager to get started without fearing losing money. Later they pump up the business with money as they scale their business.
That said, many business owners put more than £10,000 into the business. It explains that entrepreneurs are much more confident about staking their money into business rather than saving it in the long run.
UK has 33% of the total women entrepreneurs (cyber crew):
- Nearly one in every three entrepreneurs is a female. As compared to many countries, these figures are promising. However, these figures are low compared to the labor workforce. There can be a plethora of reasons behind it. They lack a vast network of like-minded individuals.
- Moreover, childcare responsibilities may stop them from starting their own business. Nevertheless, with govt’s support, UK can hone this enormous potential.
As of 2022, it is estimated if women come at par in the business environs and start selling their products/ services, they can bring 250 million pounds to the UK’s economy.
Benefits of Stats for An Entrepreneur
You might have heard a quote constantly drumming in your ears as an entrepreneur. It goes as “Data is the new oil”. It is a no-brainer, but most novice startup owners don’t know what it exactly means. However, we have tried to explain how a list of stats can help you in your venture.
Below are some benefits you can get after employing the right data sets in your projects.
1. Take the Right Decisions
There is no space for gut feeling in serious business. Entrepreneurs always take rational decisions that benefit their business. That’s where statistics comes into play. Once you have the correct data in your hand, you can plan out the right strategy to exploit it for your business.
Assumptions in business are like shooting arrows in the dark. You never know what turns out from your decisions unless you find the right data. Analyzing your data helps you identify your business’s loopholes and performance. Let’s say you run an online store. You might have devised a plan to sell your products online.
That’s why you set up a campaign. You might be getting traction on your ads and would be ok with the sales. But if you have the data telling you the time when your audience remains online, you can do wonders with your marketing.
Let’s say your customers don’t use the internet between 10 pm to 6 am. You can instantly stop showing them your ads between these hours. In this way, you save a big chunk of income that was otherwise going into your marketing for no reason.
2. Make the Right Forecasts
Running a business without stats and data is like wearing tainted spectacles while driving in a high-speed lane. You won’t see a car coming in front of you until it bumps into you. So, proper forecasting is necessary for every successful business.
And there’s no other way than to leverage recent trends and macros for your business. A myopic view of business has no space in this fast-changing world. To exemplify, Businesses that don’t stay abreast of the recent statistics about pandemics run into deep waters.
As they cannot cope with the economic pressures, they end up losing their business. That’s because they don’t plan for such high-scale market disruption. However, others leveraging the upcoming trends know what to do to save their business from global pressure.
Why Do Entrepreneurs Need to Use Statistics?
Entrepreneur Statistics and data have always been the underrated helping hand in business success. Until recently, entrepreneurs have found their use in the business. However, its full potential is yet to be seen. Every entrepreneur must find solutions to the problems and optimize the whole process.
In this way, you as a business owner can unlock your true potential and hit the highest business success rates. Nevertheless, this can’t happen unless you have the data that shows where you lack, what are your pain points, how the market is behaving, and what global phenomenon can disrupt your business model.
Knowing what’s happening around the world can also help you see clearly. It’s all about tweaking the data available for your ends. Simply put, business statistics are the data points, reports, graphs, analyses, or pieces of information that directly or indirectly impact your startup or small business.
Entrepreneur statistics are the nuggets of gold for those who start their business or are running one. Those unaware of the benefits of data and stats end up messing up their business. Therefore, it’s mandatory to hone the new statistics to make the right decisions as an entrepreneur.
Moreover, the data gained from the market analysis and trends help you understand your business loopholes. Needless to say, you can understand your competitor and make forecasts for your business with these statistics. In a nutshell, these statistics is like air and water for your startup’s survival.
So, what are you waiting for? Learn about the new stats and take rational decisions for your small business. We endeavored to provide you with a 360 view of entrepreneur statistics. Let us know about your feedback.