For well over a decade, the Global Entrepreneurship Monitor (GEM) project has provided a yearly assessment of the “entrepreneurial activity, aspirations and attitudes” of business owners worldwide. It is now the largest ongoing study of entrepreneurial dynamics of its kind, shedding light on dozens of countries' economic growth patterns and their prospects for the future, not only individually but in comparison to one another.
This year’s 2012 study, which was released earlier this year, provides compelling insights on who U.S. entrepreneurs are and how they are funding their startups. If there was ever any question as to whether or not small home-based business ownership is rapidly becoming the new normal in this country, that’s pretty much been laid to rest thanks to GEM.
All indicators point to the fact that starting and running a business from home in the U.S. is the future, and the future is now!
See for yourself…
• 69% of businesses now start in the home, and
• 59% of established work-from-home businesses are still run out of a home office more than three and a half years later.
More notable findings from GEM’s 2012 Global Report include:
• 82% of startup funding comes from the entrepreneur him/herself or family and friends, and venture capital funding is relatively rare
• 15% to 20% of adults across all age groups are entrepreneurs, meaning when it comes to business ownership, it’s never too early and it’s never too late
• 72% of home-based business startups are operated by women, versus 61% by men
• 68% of women and 53% of men who started a business at and work from home are still in the game more than three-plus years later
• Seniors aged 65 and over are reinventing the concept of retirement now more than ever, with over half of them either starting a new business or running an established one of three-plus years, while 25% say they intend to start a business of their own
• 41% of U.S. businesses are consumer-sector oriented and include hotels, restaurants or real estate or even eCommerce, while 33% include services like freelancing, independent contracting, consulting and virtual assistance
• More than 20% of business owners employ family members or part-time employees, and 30% outsource some activities.
For more information about GEM and this year’s report findings, the report is available online at http://www.gemconsortium.org/docs/download/2645.