Every five years the U.S. Census conducts a Survey of Business Owners as part the economic census. This 2012 survey collected data from 1.75 million businesses . Results have finally been released. Some highlights from this survey include—-
*There are 9.9 million women-owned businesses nationally in 2012— up 26.8% from 2007.
*There are 3.3 million Hispanic-owned firms–up 46.3% from 2007.
*There are 1.9 million Asian-owned firms—–up 23.8% from 2007.
*There are 2.5 million veteran-owned firms—- up 3.0% from 2007.
*There are 2.6 million black owned firms—–up 34.5% from 2007.
The overwhelming majority of small business owners think the benefits associated with running their own business surpass the challenges they experience. Why?
*It has improved their financial well being (73%)
*It doesn’t feel like a job (55%)
*It provides financial peace of mind (52%)
*They like “being the boss” (41%)
Source: Bank of the West Survey of 500 small business owners in operation for five years or more.
Twenty-six percent of new business startups are older Americans aged 55-64. The Kaufman Index of Entrepreneurial Activity has seen this percentage continually rise . In fact, these older Americans start new businesses at a higher rate than those in their 20’s and 30’s. This has been the case every year since 1996. Possible explanations for this include—-
*Senior entrepreneurs are less likely to worry about experience, risks or family life
*Despite the economic downturn of late, seniors are more financially secure with a variety of income sources—-retirement savings, pensions, social security.
*With greater work experience, senior entrepreneurs are more confident about their abilities.
Source: Ewing Marion Kaufman Foundation.