Profile: Entrepreneurs and Small Business Owners
- 28% are college-educated (of these, 12% have completed post-graduate studies). Nearly 83% fall between the ages of 30-59.
- 62% own homes valued at over $100,000.1
- 10% plan to pursue a bank loan.
- 86% have made their business more environmentally friendly, particularly in the Western U.S.
- 36% find they are most frustrated with not having enough time.
- 40% will purchase new technology within the next year, including computers and PCs (33%) and computer/system software or licenses (25%).2
- 34% of total expenditures (not including payroll) will be spent on core services, such as legal and accounting.3
- Spending on Web hosting is growing by 9.5% annually, and is expected to reach $7.4 billion by 2009, according to analyst firm IDC.
- According to our own survey, nearly 30% get business information from workshops and websites.
1 Educational Attainment and Other Characteristics of the Self-Employed: An Examination using Data from the Panel Study of Income Dynamics. Office of Advocacy Working Paper by Chad Moutray, Office of Advocacy, U.S. Small Business Administration. December 2007.
2 AMERICAN EXPRESS® SMALL BUSINESS MONITOR. Healthcare and Tax Relief Are Top Concerns in Mid-Term Elections. October 18, 2006.
3 Visa Commercial Expenditure Index Small Business Spending; Forecast for 2008.