As 2019 came to a close, entrepreneurs and small business owners held a strong sense of optimism.
In fact, 82% of small business owners surveyed in the Bank of America Small Business Owner Snapshot expected to end 2019 bringing in more revenue than the year before. When picturing the year ahead, 69% of respondents said they expected to expand their businesses, and 59% expected increased revenue for 2020.
While those ambitions may have been realized for some, the events of 2020 have presented unique challenges for small business owners. Though the future of entrepreneurship feels uncertain, there are also remarkable opportunities to continue evolving the way business owners create, buy, and sell products.
Here are some key statistics to know about the state of entrepreneurship in 2020.
Stats About Entrepreneurship
1. Entrepreneurship rates have been trending upwards in the United States for the past 19 years.
59. Desire to control one’s career is one of the biggest motivators for self-employment. 65% of self-employed individuals say having the freedom to choose when they work is the biggest indicator of having control over their careers.
We’ll continue sharing relevant data on the state of entrepreneurship as new research continues to emerge. To learn more about small business ownership check out The Ultimate Guide to Entrepreneurship.
Originally published Sep 10, 2020 8:30:00 AM, updated February 04 2021