A LOOK AT U.S. BUSINESS OWNERS

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.

 

BENEFITS OUTWEIGH CHALLENGES

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.

SENIORS MEAN BUSINESS

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.