The landscape of small business ownership is rapidly evolving, with technology and adaptability being critical to success. Small Business Ownership Statistics shed light on the resilience and diversity of this sector, revealing that the United States boasts an impressive 33.2 million small businesses, constituting 99.9% of all U.S. businesses.
Generational distribution is varied, with 47.2% of owners belonging to Gen X, 39.6% to the baby boomer generation, and 12.9% being millennials.
Karen Kerrigan, President and CEO of the Small Business & Entrepreneurship Council, emphasizes the importance of embracing change and leveraging technology in the wake of the pandemic to ensure long-term success.
Small Business Ownership Statistics: Key Data
- The United States is home to an estimated 33.2 million small businesses.
- A striking 99.9% of all U.S. businesses fall into the small business category.
- 47.2% of small business owners are Gen X, 39.6% are baby boomers, and 12.9% are millennials.
- There are approximately 13.94 million businesses owned by women in 2023.
- A significant 85% of small businesses depend on word-of-mouth referrals to acquire new clients.
- Roughly 33% of small businesses achieve a decade-long lifespan.
- A notable 69% of small business owners initially launch their ventures from home.
- Optimism prevails among 62% of small business owners regarding their businesses’ future prospects.
- Confidence in managing their enterprises is expressed by 64% of small business owners.
- A satisfying work-life balance is reported by 82% of small business proprietors.
- 19% of small business owners work a whopping 60 hours per week.
Sources: SBA, Fundera, Smallbiz Genius, Fundera