The Surprising Entrepreneurship Growth Statistics You Need to Know
Starting a business and being your boss is a dream come true for many individuals around the world. But did you know that entrepreneurship is growing at a rapid pace, globally? Despite the global pandemic, more and more individuals are starting their businesses, creating jobs and boosting economic growth.
In this article, we will explore some of the most surprising and notable entrepreneurship growth statistics you need to know.
Rising Entrepreneurship Trends
The global trend of entrepreneurship has been expanding exponentially. A recent report by Global Entrepreneurship Monitor states that in 2020, more than 40% of the adult population was involved in some form of entrepreneurship activity. In addition, new business creation rates increased by 20% since 2019.
Moreover, the rate of female entrepreneurship has also been on the rise globally. According to a report by Mastercard Index of Women Entrepreneurs, women across the world are now leading around one-third of all new businesses. Furthermore, the report also states that women in Africa and Asia are more likely to pursue entrepreneurship than their counterparts in Europe and North America.
The Importance of Small Businesses in Economic Growth
Small businesses play a vital role in the economic growth of a country. A report by the Organisation for Economic Co-operation and Development (OECD) suggests that small businesses contribute to over 50% of GDP and 60% of all employment in developed countries.
In addition, according to a report by LinkedIn, in the United States alone, small businesses were responsible for creating over 64% of new jobs in between 2000 and 2020. Thus, small businesses are a crucial driver of economic growth, particularly during economic crises.
The Impact of Technology on Entrepreneurship
The rise of technology has been instrumental in the growth of entrepreneurship. In particular, advancements in e-commerce and digital businesses have made starting and running a business more accessible and cost-efficient for entrepreneurs, regardless of their location or size.
A report by Deloitte suggests that technology has enabled entrepreneurs to create new products and services, automate core business functions, and reach new customers and markets worldwide. Therefore, technology has opened up many opportunities for entrepreneurs to grow their businesses and create value in today’s digital economy.
Conclusion
Entrepreneurship is growing at a rapid pace globally, with new businesses being created every day. The trend of entrepreneurship is not only providing individuals with an opportunity to be their boss but also playing a crucial role in the economic growth of countries. Advanced technology is enabling entrepreneurs to streamline their functions, reach new customers, and scale their businesses. Therefore, if you are considering starting your own business, this is the perfect time to do so.
