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Entrepreneurship and Franchising In 2016 — The Facts

Entrepreneurship has become one of the most sought after career choices around the world. Being your own boss could not only have great lucrative benefits, but could also give you more time to do the things you love and enjoy.

 

Out of approximately 7 billion people worldwide, 400 million are entrepreneurs.

  • This means, 1 in 18 people own their own business.

 

2 out of 3 people worldwide think entrepreneurship is a good career choice.

 

The typical entrepreneur:

  • Average age: 40 years
  • 95.1% have Bachelor degrees
  • 47% have advanced degrees
  • 70% are married
  • 5.2% are divorced, separated or widowed
  • Less than 1% come from extremely wealthy or extremely poor backgrounds
  • 75.4% have worked at other companies for more than 6 years
  • 51.9% were first in their family to launch a business

 

Top 5 reasons why people start their own business:

  1. Money
  2. Flexibility of being your own boss
  3. Control over decision making
  4. Pick the team you want to work with
  5. Legacy

 

Recipes for success:

  • Believe in yourself
  • Focus on the things you care about
  • Find a mentor
  • Build a good team
  • Don’t give up

 

Franchise Industry Fast Facts:

  • Locally owned franchises are America’s hidden small businesses, with 733,000 establishments across the country.
  • Franchising directly contributes $674.3 billion in economic output, accounting for roughly 2.5% of private sector U.S. GDP.
  • Franchising is a job-creating mechanism that not only offers opportunities to entrepreneurs, but also supports more than 7.6 million direct jobs nationwide.
  • 55% of all Americans want to be their own boss
  • 37% of all households are involved in small business
  • 70% of all high school students want to start a business
  • 1 out of every 25 adults are currently starting a business

 

Sources: IFAFranchise Economy & DealSunny

 

As these statistics prove, going into business for yourself whether it’s a startup, purchased business or franchise model, seems to be the career choice of the majority. 

Thinking it might be time for you to take the first step towards being your own boss?

 

Let’s chat.

FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here.