This guide outlines the 10 key business statistics you should be across, no matter what your particular industry is.
The business world is constantly changing and is an ever-evolving area. It can be interesting just because of that, but it’s always worth staying up-to-date with everything if you’re an entrepreneur. You’ll already know this when it comes to your industry.
Then there are the various business statistics you might want to know in addition. They could help you make more informed decisions about your company. They’ll even let you figure out where in the business world you lay, which can always be an appealing step to take. It’s worth diving into some of the more notable of these, as they could be quite interesting.
Business statistics: 10 you should know
1. Small Businesses Comprise 90% Of All Companies
Conglomerates and international businesses often seem to get the most attention. That doesn’t mean they comprise most companies, however. In fact, it’s quite the opposite. At least 90% of companies around the world are small businesses.
These offer about 50% of all the jobs around the world, truly making the backbone of most economies. They’re more powerful than many people think, making this one of the msot powerful business statistics.
2. 54% Of Entrepreneurs Have At Least A Bachelor’s Degree
While you don’t need a degree to start a business, it can definitely be helpful. That’s especially true when you consider the number of entrepreneurs who already have at least one. A whopping 62% of entrepreneurs have a minimum of a bachelor’s degree.
While only a fraction of these have a master’s degree, it’s still one of the business statistics that could prove helpful for a business owner.
3. 582 Million People Run Companies
While many people claim there are countless entrepreneurs around the world, there is an actual figure for this among the important business statistics. According to some reports, there are 582 million people who own businesses of all shapes and sizes. That’s a noticeable increase from just a few short years ago.
In the USA, for example, there was a 90% increase in applications to register a business in 2020 alone. This shows no sign of slowing down anytime in the near future.
4. Female Entrepreneurs Get Less Credit
To say that female entrepreneurs have a tough time in the business world would be an understatement. Depending on the industry, this can get even worse. They can often be at more of a disadvantage than their male counterparts, despite how skilled they might be.
Women-owned businesses are less likely to receive business credit, and they have to face multiple other challenges. They don’t get nearly as much credit as they deserve, and this leads to their companies being held back quite a bit.
5. 50% Of Businesses Start At Home
While remote work is a relatively new concept and isn’t too widely adopted, it doesn’t mean that home-based businesses are. In fact, the latest business statistics show that close to half of all businesses were started at home. It’s also been increasingly quite noticeably over the past few years.
It’s easy to see why. There are lower start-up costs involved, so you’ll need much less money to start off. You can even spend the money you have on more important areas rather than renting an office space.
6. 56% Of Entrepreneurs Struggle With Hiring
Employees are a significant part of a company’s success. Despite that, there are often complications involved in finding and hiring the right ones. A whopping 56% of small business owners have claimed they’ve had issues with this.
Finding the best fit for their company is the most notable reason for this. About 35% of entrepreneurs also note this is much harder than it was five years ago.
7. Reasons Matter
Every entrepreneur has their own reasons for wanting to start their own company. One of the more notable business statistics is that most of these business owners do it for the same reasons. The most notable is being their own boss. It’s something they all strive for.
About 29% of entrepreneurs said they started their business for just that reason. Compared to only 2% who started a company because they saw an opportunity, and it’s a relatively notable reason to become an entrepreneur.
8. Working Overtime Is Common
The image of an entrepreneur working constantly on their business is something many people believe. There’s some business statistics proof behind this, with 84% of entrepreneurs working regular overtime. This usually means working well into the night to help grow their business.
The hours are relatively flexible, however. A whopping 89% of entrepreneurs have said they’ve worked weekends, but this doesn’t seem to be every weekend.
9. 44% Of Small Business Owners Are Between 39 & 54
There’s no such thing as a typical small business owner, and the fact only 44% of them are between 39 and 54 shows that’s the case. While this takes up less than half of all small business owners, it’s still more than baby boomers, which comprise 41% of entrepreneurs.
A further 12% are millennials, although studies show this could be increasing. While age demographics will naturally swing as the years go on, it looks as though they’re shifting to younger demographics.
10. 92% Of Owners Don’t Regret It
Starting and growing a business presents many challenges. Despite that, business statistics reveal that 92% of small business owners say they don’t regret their decision. With the benefits starting a company offers, it’s easy to see why that’s the case.
The potential for a large amount of profit, being your own boss, and countless other benefits make themselves evident pretty quickly. That’s despite entrepreneurs needing to work long hours, and the countless other hurdles they could need to overcome.
Wrapping up
Whether you’re already an entrepreneur or just considering it, it’s always worth knowing a few key business statistics. The success of your company could depend on it. With how competitive the overall business world is, it’s always worth being as knowledgeable as possible.
Thankfully, these statistics don’t have to be as boring as you could think. In many cases, they could be quite interesting. There’s no reason not to keep a few of them in mind as you begin your entrepreneurial journey.
