Survey: 23% Considering Starting a Small Business in 2024 Survey: 23% Considering Starting a Small Business in 2024
woman small business owner

Survey: 23% Considering Starting a Small Business in 2024

Intuit has released its Entrepreneurship in 2024 Report, which features some interesting tidbits.

About the findings:

Intuit’s report was derived from surveying more than 4,500 adults in the United States. Headlining the report is the fact that nearly one-quarter (23%) of respondents stated that they considered starting a business in the new year. Members of Gen Z were the most likely to be mulling the idea, with 28% responding affirmatively. On the opposite end, only 10% of Boomers said they had any intent to create a business in 2024.

On a similar note, Gen Zers were also more likely than older generations to invest in growth. Of those surveyed, 88% of Gen Z small business owners said they planned to expand their e-commerce or brick-and-mortar businesses next year. At the same time, two-thirds of Gen Xers and Baby Boomer-owned businesses said the same. Meanwhile, more than three-quarters of Gen Z and 80% of Millennial business owners intend on hiring in 2024 compared to just 58% of businesses owned by those of older generations.

As we head into the new year, inflation continues to be the top-cited challenge affecting small businesses. This response was followed by “higher interest rates.”

At the same time, inflation has also been a key motivator for those starting businesses. In fact, 57% of business owners said that inflation led them to look for other sources of income. This was matched by the 57% of respondents who said that the pandemic spurred a rethinking of priorities, which inspired them to start a business. Digital technologies also played a role in the creation of new businesses, with 53% noting that these innovations made it possible for them to launch their own business.

Finally, the latest report also looked at how entrepreneurs defined success. For 42% of small business owners, increasing revenue was cited as a primary goal for 2024. Elsewhere, of the 1,000 “side hustle business owners” surveyed, 62% said they’d quit their day job if they were able to earn at least $100,000 a year from their business. Speaking of income, although Baby Boomer respondents said they’d be satisfied and feel successful if they made an average of $126,000, the average among Millennials surveyed was much higher at $288,000.

My thoughts:

Reacting to this report in reverse order, the fact that people of my generation feel like they need to earn more than a quarter of a million dollars in 2024 to feel successful is mindboggling. I’m not sure I have an exact number in mind, but it would definitely be lower than that.

Setting that aside, I do think it’s fascinating that inflation was named both as a top challenge and as a main instigator for business. To me, that fact truly embodies the entrepreneurial spirit and shows why American small businesses are sure to prosper in 2024 and well beyond.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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