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Generation X makes up the largest group of entrepreneurs at 41% of the total, while one in six microbusiness owners earn more than $100,000 annually and nearly three out of ten women with a microbusiness are the breadwinners in their home.
The research also found that nearly half of respondents (46%) citing their microbusiness as their main source of income converted it from a supplemental source of income. Additionally, 63% of entrepreneurs agree that life is better as an entrepreneur.
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Alexandra Rosen, senior director of Venture Forward said: "We all know entrepreneurship is powerful, and with this data, people can understand precisely how powerful it is across different types of small and microbusinesses. Better understanding helps advocates find opportunities to further support these entrepreneurs. What our research demonstrates is that entrepreneurship creates positive impacts for entrepreneur's households, the communities where they live and work as well as the greater economy."
Venture Forward defines microbusinesses as small businesses with a unique domain, an active website, and most often fewer than ten employees. The initiative has surveyed more than 30,000 small business owners with a digital presence since 2018 making it the premier source for microbusiness data and insights.
The Microbusiness Data Hub provides fresh datasets (including the concentration of microbusinesses at city, county and state levels) through the third quarter of 2023 for those interested in learning more about the state of microbusinesses across the country.
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