Here are some interesting things about small business (provided by Fundera):
Q: Do small businesses really create that many jobs?
A: Yes!
To get more granular about it, job creation mainly comes from new small businesses. New businesses account for nearly all net new job creation, and almost 20% of gross job creation.4 Comparatively, small businesses that are 5 years or older don’t have a significant impact on job growth
Q: What percentage of small businesses are owned by minorities?
A: Here are the percentages of small business owners by race, as of the most recent Kauffman Index:
- White: 71.67%
- Black: 6.22%
- Latino: 13.99%
- Asian: 6.16%
- Other: 1.96%
For context, here’s how those numbers have changed since 1996:
- White: -14.33%
- Black: +2.06%
- Latino: +8.44%
- Asian: +2.35%
- Other: +1.46%
Q: What about the gender breakdown?
A: Great question! As of 2015, the percentages of small business owners by gender as of 2015 are:
- Male: 66.98%
- Female: 33.02%
The percentage of female small business owners has increased by 1.48% since 1996—so there’s a lot more room to grow.
Q: Which is the most entrepreneurial generation?
A: Despite all the buzz, millennials (those aged 20-38 at the time of this survey) actually aren’t the most entrepreneurial generation—at least not when it comes to small business.
Here’s what the age breakdown of small business-ownership actually looks like, according to our trusty Kauffman Index:
- 20-34 (mainly millennials): 15.79%
- 35-44 (mainly Gen X): 24.93%
- 45-54 (half Gen X, half baby boomers): 30.81%
- 55-64 (baby boomers): 28.47%
Older Gen-Xers and baby boomers take the win here, followed by younger Gen-Xers and, finally, millennial business owners.
For more information read the Fundera article here.
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