GITNUX MARKETDATA REPORT 2024

The Most Surprising Business Formation Statistics in 2024

Statistic 1

"Over 50% of small businesses survive beyond their fifth year."

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Statistic 2

"Online businesses have grown by 15% year-over-year."

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Statistic 3

"60% of entrepreneurs start their business because they want to be their own boss."

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Statistic 4

"The average cost of starting a small business in the U.S. is approximately $30,000."

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Statistic 5

"40% of small businesses are profitable, 30% break even, and 30% are losing money."

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Statistic 6

"Minority-owned businesses make up 18% of all small businesses in the U.S."

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Statistic 7

"90% of startups fail, with around 70% failing within the first five years."

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Statistic 8

"Small businesses account for 99.9% of all firms in the U.S."

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Statistic 9

"Technology startups saw a 25% increase in formation since 2020."

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Statistic 10

"75% of all new business formations in the U.S. are registered as sole proprietorships."

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Statistic 11

"Women own 39% of all privately held firms and account for 8% of employment and 4.2% of revenues."

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Statistic 12

"The gig economy has contributed to 10% of all new business formations in recent years."

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Statistic 13

"Around 50% of small businesses are home-based."

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Statistic 14

"The United States saw approximately 4.4 million new business applications in 2020."

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Statistic 15

"Small businesses create 1.5 million jobs annually."

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Statistic 16

"20% of small businesses fail within their first year."

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Statistic 17

"Home-based businesses account for half of all U.S. small businesses."

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Statistic 18

"30% of new businesses fail during the first two years of being open."

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Statistic 19

"The fintech industry has seen a 20% rise in new businesses over the past five years."

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Statistic 20

"In 2019, Texas led the nation in new business formations."

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