There are three groups of entrepreneurs who contribute more to the economy than any other. They are first-generation or immigrant entrepreneurs, veteran entrepreneurs and encore entrepreneurs (those age 55 and older). For the past 25 years, despite many challenges, these “unsung entrepreneurs” have contributed to entrepreneurship at a greater rate than the general population.
For this Megaphone of Main Street, SCORE surveyed more than 3,270 survey respondents and analyzed responses from 2,918 current business owners. The businesses surveyed represent many industries and geographic locations throughout the United States. All survey respondents agreed to provide an honest reflection of their experiences and outlook.
Key research findings include:
- While only 13.2% of the U.S. population are first-generation immigrants, they represent 20.6% of all U.S. business owners
- Veteran business owners play a larger role in the business community, representing 9.1% of all business owners, compared to their smaller (7.6%) population size in the U.S.
- Even though 21% of the U.S. population is over age 55, encore entrepreneurs represent more than half (50.9%) of all U.S. business owners