by Raymond J. Keating –
If you understand entrepreneurs, then there’s a lot you already understand about how the U.S. economy ticks.
The Small Business & Entrepreneurship Council’s survey of entrepreneurs who started businesses during the pandemic provides a great deal of valuable information on the latest regarding entrepreneurship in the U.S. In this piece, let’s take note of who these entrepreneurs are, and where they’re hard at work.
As for the age of founders, it actually skews older, with 55 percent coming in at 45 years or older. Meanwhile, 17 percent were younger than 35.
Regarding gender, 55 percent of these pandemic entrepreneurs were male and 45 percent female.
The regional breakdown was interesting, with 47 percent in a suburban area, 25 percent urban and 24 percent rural.
Regarding politics, 30 percent identified as independent or other, 29 percent chose not to identify, 28 percent as Republican, and 13 percent as Democrat.
One of the most surprising set of answers in this entire survey came to the following question: “What tools or sales channels do you currently use to sell your product or service?”
So, 65 percent said they used physical stores – that is, brick-and-mortar stores. That was number one, followed by Facebook at 62 percent, Instagram at 48 percent, and 47 percent saying an eCommerce website. This mix of top answers points to entrepreneurs understanding that the ideal mix is a physical and online presence – and, no, not everything is going online.
Following on that question, looking ahead for planned tools and sales channels, the integration of online/eCommerce plays a key part. (See the following two charts.)
There’s a good deal to digest and ponder from these and other results in this comprehensive survey of pandemic entrepreneurs. Two of my takeaways here are the age of entrepreneurs and the understanding that not everything can be online, perhaps a recognition by entrepreneurs that consumers want both the convenience and power of online commerce while also seeking out the physical, experience economy.
See other analysis regarding this survey:
Entrepreneurs Want Flexibility, Independence and “To Be Their Own Boss”
Startup Entrepreneurs Embrace Technology and Not Big Government Regulation
ICYMI: Pandemic Startups See Opportunity, but President Biden’s Policies Undermine Their Ambitions
Pandemic Startups: Motivations, Funding and More
President Biden’s Agenda vs. What Entrepreneurs Want
Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council.