Here are some interesting things about small business (provided by Fundera):
Q: Do small businesses really create that many jobs?
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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