Happy National Entrepreneur Month
Volusia County Economic Development
November 07, 2023
Many people dream of starting their own business. What’s their motivation? According to Guidant Financial, 28% are ready to be their own boss. Others may take the leap due to dissatisfaction with corporate America, to pursue their own passion or simply because an opportunity has presented itself. What do they all have in common? They are entrepreneurs and November is the month designated to celebrate the contributions of these risk takers and small business owners.
Here are just a few statistics to highlight the entrepreneur landscape:
- Entrepreneur demographics - 47% GenX, 39% Boomers, 12% Millennials, 0.3% Post War.
- There are approximately 33 million small businesses in the U.S.
- Small businesses in the U.S. employ 61.7 million people, totaling 46.4% of private sector employees.
- Small businesses pay 39.4% percent of private sector payroll.
- From 1995 to 2021, small businesses created 17.3 million net new jobs while large businesses created 10.3 million.
- Small businesses have accounted for 62.7% of net new job creation since 1995.
- Small businesses make up 43.5% of gross domestic product.
- Top industries to start a business: retail, food/restaurant, health/beauty/fitness services, construction and contracting, and residential and commercial services
- Over 10,300 new Volusia County business formations were registered with the IRS in 2022 – a 52% increase from pre-pandemic levels.