20 entrepreneur statistics you need to know.
Entrepreneurship is a gutsy career path that takes determination, hard work, and confidence. It comes with significant risk and a small chance of success. One key to success is knowing the facts before you dive in, and statistics are a great way to understand what you’re diving into.
People turn to entrepreneurship because 29% want to be their own boss. However, about 20% of businesses fail within the first year if there’s no market for their product or service. To be a successful entrepreneur, 38% said that self-discipline is the key and 37% said people and communication skills.
In this article, we’ll give you more fascinating statistics about entrepreneurship and small businesses. You’ll learn more about the factors that lead to entrepreneurial success as well as the common reasons why small businesses fail.
Why businesses fail.
According to the Bureau of Labor Statistics and Guidant Financial , about 20% of businesses fail within the first year, and 50% fail within the first five years. The most common reason businesses fail is that there’s no market for their product or service (42%).
Capital or cash flow to sustain the business (29%) comes in second, while poor teamwork and communication (23%) ranks third on the list.
Therefore, if you wish to stand out amongst the crowd, make sure you offer a product or service that people need, understand your finances, and create an environment of teamwork and camaraderie.
There are many reasons why someone would want to start their own business .
According to Guidant Financial , about 29% of entrepreneurs say they chose this path because they wanted to be their own boss. This is constantly the number one reason why entrepreneurs start their businesses.
The second most popular reason entrepreneurs start their businesses (about 17%) is that they are dissatisfied with corporate America. And a third reason is to pursue their passions (16%).
Entrepreneurship comes with a unique set of challenges that normal employees don’t necessarily need to think about. According to Guidant Financial , the top three (excluding COVID) are insufficient capital or cash flow (23%), recruiting employees (19%), and marketing (15%).
There are many factors involved when a small business becomes successful. According to National Business Capital and Services (NBCS), about 38% of entrepreneurs said that self-discipline was the key to their success. Entrepreneurs need to stick to their priorities, avoid distractions, and always aim for their goals, no matter what obstacles they face.
The next biggest factors for success were communication skills and passion, and drive.
Interestingly enough, the top factor of success for female entrepreneurs was people and communication skills (37%). However, self-discipline was their number two reason for success (34%), with money management skills coming up in third.
Typical age range of an american entrepreneur.
There’s no age requirement when you decide to start a business and you don’t have to decide is a business degree worth it.
Anyone from 18 to 80 with an idea and determination can be an entrepreneur. Although business owners come in all ages, according to NBCS , 35% of entrepreneurs and small business owners are in the 50-59 age bracket, followed by 40-49-year-olds. In fact, about 60% of people who start small businesses are between the ages of 40-60.
America’s business owners are more diverse than ever. According to the Small Business Administration (SBA) , 17.7% of all employer firms were minority-owned:
What’s more, as of 2017, one in six business owners (17%) were immigrants.
According to the Global Entrepreneurship Monitor , there are 252 million female entrepreneurs in the world. Even though more and more women are becoming entrepreneurs, according to Guidant Financial , currently, only 27% of small business owners in the United States are women.
According to the Global Entrepreneurship Monitor , about 71% of these women start a business to make a difference. Only 63% of men start a business for the same reason. Moreover, 65% of women entrepreneurs choose this path to make a high income as opposed to 73% of men.
The third most popular reason why women become entrepreneurs is to earn a living because jobs are scarce (45%).
College degrees aren’t as important to entrepreneurs as regular employees. According to Guidant Financial, about 30% of entrepreneurs only finish high school, 31% have an associate degree, 17% have a bachelor’s degree, 18% obtained a master’s degree, and 4% have a PhD.
Formal education can help many career paths but doesn’t seem to be very important for entrepreneurship.
Number of entrepreneurs in the united states.
According to the Global Entrepreneurship Monitor, there are 31 million entrepreneurs in the U.S., which is about 16% of the adult workforce. However, about 55% of adults have started a business at some point in their lives, and 26% have started two or more businesses.
In general, entrepreneurship is viewed positively in America, with 63% of Americans believing that it’s a good career choice.
According to Guidant Financial, the five top industries to see new small businesses in the United States are Food and Restaurant (12%), Retail (11%), Business Services (11%), Health Beauty and Fitness (9%), and Residential and Commercial Services (7%).
Since these industries are the most popular, they’re also the most competitive. However, you’re more likely to get financial backing and see success because these industries are in high demand.
According to the SBA , there are 31.7 million small businesses in the U.S. and only 20,139 large businesses, which means small businesses account for 99.9% of all the businesses in the country.
They’re the lifeblood of the American dream, making up 50% of the economy. From 2000-2019, small businesses created 10.5 million net new jobs while large enterprises only created 5.6 million. Small businesses make up 65.1% of all new jobs created and employ 47.1% of all private-sector employees.
How are small businesses financed .
There are many ways that a business can get financed. According to Guidant Financial , the most popular method in the U.S. (37%) is cash. About 13% of entrepreneurs used rollovers as business startups (ROBS) to finance their business.
After that, entrepreneurs either relied on their friends and family (10%), used unsecured loans (9%), or used a U.S. Small Business Administration loan to start their business.
It’s one thing to start a business; it’s another to make it profitable. According to NBCS , Only 40% of small businesses yield a profit. About 30% of businesses break even while the final 30% lose money.
This fact should highlight the importance of financial forecasting and management when starting up a new business.
Though many entrepreneurs do see some financial success, many of them rarely become millionaires or billionaires.
According to the SBA , the median income for self-employed owners of incorporated small businesses is $51,816 per year, while the median income for owners of unincorporated businesses is $26,084. Keep in mind that many entrepreneurs work side gigs or are not fully self-employed, which may skew this data.
Entrepreneurship is a difficult path that few succeed on. This career isn’t for the faint of heart. However, the rewards are innumerable, and those who succeed in creating a business are happier, more confident, and free.
Hopefully, these statistics gave you some insight into the many aspects and challenges of entrepreneurship. As told through the data, anyone can succeed in business if they have enough heart, planning, and dedication.
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What is a project management plan, 6 parts of a project management plan, before you create a plan, how to create a project management plan in 7 steps, bottom line, frequently asked questions (faqs).
A project management plan offers a blueprint to stakeholders and end-users surrounding the execution of an upcoming project. While it takes time to put it together, the process is worth it. It helps to reduce risks, create buy-in, gather your team’s expertise, align communication and ensure resource availability. This guide outlines what a project management plan is and its benefits, and then offers an easy step-by-step guide on how to create one.
A project management plan is a set of documents that outline the how, when and what-ifs of a project’s execution. It overviews the project’s value proposition, execution steps, resources, communication tools and protocols, risks, stakeholders (and their roles) and the deliverables involved in a project’s completion. Its documents include an executive summary, Gantt and team charts, risk assessment and communication- and resource-management subplans.
A project management plan serves as a blueprint or roadmap to the ultimate success of your project. It does so by aligning talent, buy-in, manpower, resources, risk management and high-quality communication around your plan. It also ensures everyone knows their responsibilities, which tasks are involved and when deadlines are so the project stays on track for quality on-time completion.
Here is a closer look at project management plan use cases:
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A project management plan should include an executive summary, timeline or Gantt chart, resource management subplan, risk assessment, communication subplan and team chart. Here is an overview of each of these parts:
Before you begin writing your plan, take a few minutes to prepare. Doing so may involve defining what is at stake should the project not go well, identifying the milestones needed for successful completion, selecting key talent to complete your project, selecting and signing up for the tools that will make the plan creation process easy and efficient and defining the end beneficiary of your project. Below is a closer look at each of these preparation steps.
Defining what would happen if the project were not completed successfully can guide you later as you motivate your execution team and formulate your plan’s and your project’s value proposition. This perspective tells all stakeholders how important their roles are.
One way to ensure you select the proper team members for plan creation and execution is to define the milestones for which they will be responsible. Once you have identified the milestones, you can identify the needed expertise and then the talent that holds that expertise.
As you write your plan, it is essential to gather expertise from the team members who will execute it. Doing so could mean the success or failure of your project. Identifying these stakeholders now means you can get them involved sooner for higher collective knowledge during the planning process.
When planning your project, you will need to use charts, graphics and reports to record the necessary information. Graphic design tools like Canva and project management software like monday.com or Wrike can help.
Nothing can set you up for success in project completion like understanding what the end-user or project beneficiary needs in the final deliverable. Understanding this requires an understanding of that end-user or beneficiary. Take some time to listen to their needs, wants and hopes surrounding your project before beginning to plan a project that will impact and, hopefully, delight them ultimately.
To create a project management plan, first put together a high overview of the basics of your project, including the project’s scope, schedule and budget. Next, build on those basics to write an executive summary. Then, add a project timeline, risk assessment, stakeholder chart, communication plan and resource management plan to your executive summary. Lastly, gather and incorporate stakeholders’ insights to perfect and create buy-in for your plan.
Your project’s baselines should first focus on the project’s scope, then the project’s schedule and, finally, its budget. The result should be a high overview that will inform the rest of your planning process. To complete this step, answer the following questions:
An executive summary should include a definition of your project, your project’s value proposition, including the problem your project addresses and its solution, milestones and their deliverables, scope limits―and the consequences for changing these limits―goals and financial breakdown. Use the answers to the questions posed in step one to put together your executive summary.
As the face of your project before stakeholders, your executive summary should be visually appealing and succinct. Columns and visuals should break it up to make it easy to read quickly. One great tool for creating an attractive and succinct summary is a Canva executive summary template. You can customize a template to match your brand and add your content, then either download your executive summary or share it in link form.
To begin, sign up for Canva for free, then use the search box titled “What will you design?” for “executive summary” and press “enter.” Click the appropriate template for your purposes and brand, then use the tools on the left-hand side of the enlarged template to customize its colors, text and images. Add pages by clicking the plus sign at the top right-hand corner of the template and proceed to add text and customizations to complete your summary.
The best way to plot your project’s timeline is with a Gantt chart. A Gantt chart is a visual representation of what activities you plan to begin and complete and when. These activities are usually small chunks or milestones of your completed project. They also formulate the scope of your project, helping to reduce scope creep later on. Gantt charts are often the easiest to use to plot your timeline.
It is important to note expected dependencies on your Gantt chart. A dependency happens when one activity on a timeline must be completed before team members can go on to the next one. For example, a prototype needs to be completed before a focus group analysis of the prototype can take place. Thus, these two activities are dependent. Also note independent activities that can be completed even as other activities are underway, thereby saving time.
Pro tip: An easy way to note dependencies and independent activities is via color-coding. Arrows drawn on your Gantt chart can also help to pinpoint dependencies.
While Canva does offer Gantt charts to plot your project’s timeline, there are also platforms that specialize in producing Gantt chart software . Not only can this software help you put together your Gantt chart, but it can then help you stay on track with its timeline and avoid scope creep once your project begins via task descriptions and automations. If paying for such a service isn’t in your project’s budget, you can also create a Gantt chart in Excel or Google Sheets.
Gantt chart from monday.com
With your project activities recorded on your timeline, define who will be responsible for each activity. Your plan serves as a guiding star to all stakeholders involved in your project, so it’s best to record responsible parties in an intuitive chart. Create a project team chart to show who will be involved in completing the project and for which activities each is responsible. For collaboration ease, also note who each person is accountable to and their contact information.
Canva offers organizational or team chart templates you can use to customize for the needs of your project. Search “organizational chart” using the search bar in your Canva account. Click the chart that best suits your project and brand needs. Then, use the design menu to upload pictures of your team members, customize colors and replace template text to offer the data your stakeholders need for easy collaboration during the life of your project.
An example of a Canva organizational chart template to be adapted to create a project team chart.
Your risk assessment should begin with a list of obstacles that could impact your team’s ability to complete the project on time negatively at all and with the desired quality. It should then create a plan for each risk by addressing what might trigger the risk, steps that lend to risk prevention and how to mitigate a risk should it happen. Finally, it should assign stakeholders to manage risk triggers, prevention and mitigation. Some teams use a SWOT analysis to help identify strengths, weaknesses, opportunities and threats in this stage.
To dive into each risk, answer the following questions:
As you assigned responsible parties for each project activity, you likely selected people who had expertise in the areas in which their assigned activities fall. For example, if you assigned the graphic design of a marketing project to a team member, that person is likely a graphic designer. Their expertise is invaluable in assessing graphic design risks and their prevention and mitigation steps. Lean on your team for this expertise, and then implement their suggestions.
Two key subplans you should include in your project management plan are a resource and communications management plan. Your resource sub plan should list what resources are needed to complete your project and their availability. Your communications plan should include how your team will communicate one-on-one and team-wide.
A resource subplan can be completed in project management software. You can create columns for estimated expenses and other needed resources broken down by milestones, such as raw products and talent. Other customizable resource reports are available within the software and automatically kept up to date. Wrike, for example, offers customizable reports where you can track resource availability and export reports to include in your plan.
An example of Wrike’s customizable resource reports
While it may seem inconsequential compared to your risk assessment and resource plan, poor communication is the primary reason most projects experience scope gaps and project failure, according to a PMI study . Poor communication can, therefore, derail all your other planning efforts.
As such, your communications management plan should be detailed and address what, when and how information will be shared during your project. Details should focus on what needs to be communicated and at what intervals during the project execution, stakeholders’ communication preferences, a communication schedule for virtual meetings or phone calls that occur at planned intervals, who will review tasks, to whom task completions should be reported and what platforms or tools should be used for communication purposes.
Pro tip: For best results, look at the communication tools available in your project management software. Alternatively, consider what communication-tool integrations it offers. For example, most project management software offer integrations with Slack. Using available tools within your software will allow ease of collaboration and the communication visibility your team needs to stay on the same page and on track.
The team you have chosen to own the activities on your project timeline are uniquely capable of doing so. As such, they are likely to have recommendations you might not think about to make your project more successful. Moreover, if their insights are incorporated into the plan, they are more likely to enthusiastically follow it. So, get your team together and go over the details of your plan. Learn from them and incorporate their insights.
In addition, present your plan to the end-user or client for whom you are executing the project. Make sure they agree to the project scope and its deliverables. Make their preferred changes now so you don’t have to make them later. Discuss what will happen if they change their minds later―extra fees, for example―so that scope creep does not impact your project’s successful execution, on-time completion or quality final deliverable negatively.
Creating a project management plan is the first critical step to ensuring a quality project execution and completion. Without it, you risk project derailment, a blown budget, an unrealized value proposition and a potentially frustrated end-user. With it, you enjoy buy-in, resource availability, budget adherence, a quality and expertly-driven final deliverable and a delighted end-user. We hope this guide sets you on a trajectory to enjoy all of these benefits.
At minimum, a project management plan includes an executive summary, timeline or Gantt chart , stakeholder or team chart, risk assessment, communications subplan and resource subplan.
To write a project management plan, begin by identifying your project baselines, then write an executive summary, create your timeline and team charts, perform and write a risk assessment and write your communications and resource subplans. Finally, present your plan to all involved stakeholders to gather and incorporate their insights, suggestions and feedback, and then finalize agreement around your plan.
A project management plan lays out the details and steps necessary to reduce confusion, create confidence and prevent obstacles and risks during project execution. It does so by providing a clear outline and value proposition of the project, assigning essential roles, outlining milestones and the final deliverable, identifying and taking steps to prevent risks, ensuring clear communication guidelines and ensuring the availability of essential resources.
A project management methodology is a set of principles, values and processes that determine how a team will complete a project. It dictates factors such as the methods of communication within and outside of the project team—as well as the level of planning, design and documentation—timelines and modes of assessment.
With over a decade of experience as a small business technology consultant, Alana breaks down technical concepts to help small businesses take advantage of the tools available to them to create internal efficiencies and compete in their markets. Her work has been featured by business brands such as Adobe, WorkFusion, AT&T, SEMRush, Fit Small Business, USA Today Blueprint, Content Marketing Institute, Towards Data Science and Business2Community.
Cassie is a deputy editor collaborating with teams around the world while living in the beautiful hills of Kentucky. Focusing on bringing growth to small businesses, she is passionate about economic development and has held positions on the boards of directors of two non-profit organizations seeking to revitalize her former railroad town. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.
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By Mital Makadia Edited by Kara McIntyre Jun 20, 2024
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For startup founders, choosing the right attorney can be as important as choosing the right investors . Startup attorneys act as counsel when startups invariably encounter problems like copyright and intellectual property issues. They will also shepherd clients through any mergers or acquisitions, making the right attorney very important to the bottom line. You'll need an attorney who's well-versed in law and has a deep understanding of startup landscape intricacies.
There are several important questions to ask before you hire a startup attorney:
Here's what kind of answers you can expect and why the questions are important to ask.
Related: Read This Before Hiring a Business Attorney
Many attorneys try to serve the startup space, but they just dabble in it. Startups need lawyers who know the law, know the market, know the players and have the capacity to keep up with changes. A general practitioner does not have that depth of knowledge.
Particularly when dealing with investors, startup lawyers can advise on the investment terms presented by VCs . VCs are professional negotiators. You need someone on your side who's had a similar number of term sheet negotiation experience.
VCs/investors are repeat customers for startup lawyers. Startups usually are not. If it's a choice between taking positions that would alienate VC clients or startup clients, the financial incentives are not on the side of the startups. As a startup founder, you need a lawyer who will vigorously advocate for your interests, negotiate assertively and prioritize your needs, even if it means ruffling some VC feathers. We have seen many in-demand startups and founders give away their negotiating leverage because they are advised by counsel to accept "market" terms. While you want a lawyer who knows what "market" is, you also want one who can recognize your position and get you the best possible terms within your negotiating leverage.
Know what you are getting into. No one lawyer can do everything for a startup. You'll likely need assistance with general corporate work, financings, commercial contracting, employment and some types of IP work. Prior to hiring a startup lawyer, ask if these areas of expertise are in their wheelhouse.
Related: Why Business Lawyers Are a Necessary Expense
You want a lawyer who will be honest enough to tell you when something is outside of their areas of expertise; the lawyer should also take it a step further and tell you when it would be more cost effective to consult with a specialist.
For example, many startups have to deal with regulatory issues : compliance, business structure, taxes and privacy, to name a few. Be sure to identify someone who has relationships with specialists and can provide warm handoffs to them.
Many attorneys put up a shingle to target the burgeoning startup market. Just as quickly, however, they disappear. We've had many clients come to us scrambling after finding out their startup lawyer is going on a sabbatical or transitioning to advisory services. If you are looking for someone you can trust to be there for the long haul and who can provide continuity, look for a firm that has a long history and solidified its place and reputation in the startup space.
There's a big difference between representing founders at the incorporation stage versus representing a mature startup on the precipice of an IPO . Some attorneys are more adept at providing guidance for specific stages, so identify one who has significant experience with startups at your stage of development.
Additionally, if you are at the founding stage and your lawyer represents mostly late-stage startups and public companies, be certain to ask how much of your attorney's time and attention you can expect.
Related: Ask a Startup Lawyer: How Should You Manage Co-Founder Equity?
To ensure a successful partnership with a startup attorney , ask them questions to gauge whether or not they have the expertise you require. If so, you'll be working with someone who will advocate for you and the interests of your startup.
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A business plan is essential as an entrepreneur. It helps you set clear goals and guidelines for how you will manage your business. A business plan may also be needed to set employee goals, obtain funding or even to sell your business one day. In this article, we discuss the importance of a business plan for entrepreneurs, as well as a few main ...
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For example, many startups have to deal with regulatory issues: compliance, business structure, taxes and privacy, to name a few. Be sure to identify someone who has relationships with specialists ...