How Many Entrepreneurs Are There in 2024? The Surprising Stats

Entrepreneurship is on the rise globally. More people than ever are ditching the corporate world and starting their own businesses. But just how many entrepreneurs are out there chasing their dreams? Let‘s break down the fascinating stats.

Over 540 Million Entrepreneurs and Counting

According to the Global Entrepreneurship Monitor 2021/2022 Global Report, there were over 540 million entrepreneurs across the globe in 2021. This number includes people actively starting or running new businesses as well as those running established ones.

To put that massive number into perspective, entrepreneurs now account for over 8% of the working age population worldwide.

And entrepreneurship keeps growing – the number rose by 13% compared to 2020 figures. Much of this growth comes from developing economies where necessity drives many people to start small enterprises. But passion also plays a role across the globe.

Entrepreneurship Varies Wildy By Country

Drilling down, there is huge variation in entrepreneurship rates across different countries and regions.

Some economies lead the pack when it comes to startups. For example, about 25% of working age Guatemalans were engaged in early-stage entrepreneurial activity in 2021. Over 17% of Chileans and over 15% Colombians were also starting or running new businesses.

On the flip side, entrepreneurship lagged in more advanced economies like Russia, Japan, and Italy where less than 5% qualify as early-stage entrepreneurs. Cultural attitudes and bureaucratic hurdles likely limit startup growth.

Most Entrepreneurs Are Between 25 and 44

Where do entrepreneurs tend to be in their careers? Globally, peak ages are 25 to 44 – that bracket accounts for over 70%. People under 25 made up about 9% while those 45 to 64 accounted for 21%.

Youth increasingly eye entrepreneurship. Advances from the internet to 3D printing open new startup possibilities to young founders even with limited resources.

On the older end those with corporate experience now find compelling reasons to strike out on their own later in life. Some seek purpose beyond profit while others chase dreams they put off while climbing the corporate ladder.

More Male Than Female Founders…For Now

Another startling gap exists between male and female founders.

Men lead women in entrepreneurship rates globally by some 10%. Roughly 11% of working age men qualify as early-stage entrepreneurs compared to only 8.5% of working women.

But the gap is narrowing in many economies thanks to initiatives supporting female founders. The gender split has closed by over 10% in stable economies and by over 4% even in factor-driven ones over the past two decades. Still much remains in ensuring female entrepreneurs have access to the same benefits and opportunities as male peers.

Small Businesses Make Up the Bulk

What does the landscape of entrepreneurship look like? Micro and small companies with fewer than 50 workers dominate across the globe.

Well over 90% qualify as small businesses in many regions like Europe where mom and pop shops thrive. Parts of Latin America and the Middle East also heavily favor small enterprises.

Even in innovation-driven North American economies, over 80% count as small businesses with minimal employees. Far fewer startups ever expand to mid-sized companies, let alone large corporations. Lifestyle businesses make up the bulk for those chasing entrepreneurial goals.

Retail Remains On Top

Retail consistently comes as one of the top sectors entrepreneurs enter across most economies. The broad category encompasses everything from shops and restaurants to grocery stores and boutiques.

Beyond retail, preferred industries differ hugely based on regional resources, culture, and needs. For example, agriculture attracts many entrepreneurs in Latin America and Africa while innovation-based software and tech sees interest in North American and Europe.

For all of the benefits of running one’s own business, entrepreneurs inevitably come up against challenges. Understanding hurdles like funding gaps and bureaucracy barriers can help founders anticipate and navigate obstacles on the journey.

Closing the Entrepreneurial Gender Gap

As evident in the stats, women entrepreneurs still face disadvantages receiving funding opportunities, growth capital, and support networks compared to male peers. Minority female founders fare even worse struggling against conscious and unconscious bias.

But many accelerators and initiatives today provide training, funding access, mentoring, and visibility specifically for female entrepreneurs. Gradually the playing field levels allowing women to thrive as entrepreneurs on par with men.

Tough Access to Funding

Another top challenge entrepreneurs call out lies in tough access to funding and investors. Over 57% of those surveyed named access to funding as the biggest limitation holding back progress. Micro enterprises and solo founders especially struggle securing financing for passion projects that may seem risky.

Thankfully creative new funding models provide additional options beyond traditional bank loans. Crowdfunding platforms, micro-loans, grants, business incubators, and angel investors open more possibilities for early funding.

Innovation Doesn’t Always Align with Needs

Today’s entrepreneurs think up ground-breaking innovations from AI to biometrics to blockchain. But cutting edge technology doesn’t immediately translate to an eager customer base. Over 36% of entrepreneurs fail within the first year largely from mismatches between offerings and demand.

Rather than fixate on a specific untested product, the most sustainable social entrepreneurs first identify pressing community needs. Then they craft tailored solutions whether high-tech or simple and local.

Searches for “how to start a business” reached an all time high in 2022. And entrepreneurship forecasts suggest an upward trajectory going forward thanks to enabling tools, technology, and training.

While challenges persist, the rewards prove ever more alluring to risk takers and innovators. Access to information removes traditional barriers for business hopefuls across economic and social spectrums.

Even risk-averse aspiring founders can now test ideas without excessive upfront investment and instantly reach global customers online. Mentor networks flourish online and off. Lean startup frameworks endorse fast experimenting and pivoting over elaborate long term planning.

As more solutions arise to persistent issues around funding and disproportionate access, entrepreneurship accessibility keeps expanding. More people will exercise the freedom to convert ideas into enterprises.

And entrepreneurship rates should continue rising in tandem with population growth and internet penetration unearthing *innovators across over 195 countries worldwide. The golden age promises something for business dreamers and visionaries everywhere.

So how many entrepreneurs are out there today? Over half a billion with millions more launching new ventures each year!