How Many Entrepreneurs Are There in 2023? (U.S. & World!)

Entrepreneurship has one of the highest rates of failure out of all career pursuits.

Still, many people take the risk due to the rewards of freedom in finance and time that comes with it.

The likes of Jeff Bezos, Bill Gates, and Elon Musk are just the tip of the iceberg.

Find out very interesting facts about business people in this article.

How Many Entrepreneurs Are There in 2023?

The latest data reveals there are 582 million people doing business today. 

Despite the high burn rate, many still take risks to get their ideas out there and work for their own firms.

Throughout one’s lifetime, 65% of businesses will fail at one point – many of these will close within their first five years in the market.

600 million might look like a lot but this is nearly just a third of the 1.7 billion working in the services sector.

It is also relatively smaller than the 1.4 billion people in agriculture and 800 million workers in industrial positions. 

Still, this number is significantly higher than the 400 million unemployed people globally.

Motivations for Starting a Business

There is no better feeling than being your own boss – no one orders you around to finish a quarterly report on a Sunday. 

Aside from freedom, there are still a lot of motivators that drive people to start their own enterprises.

Here are some of them:

• To become their own boss – 29% of survey participants point to this reason as their primary motivator for starting their own business
• Dissatisfaction with corporate life – 17% of survey participants point to this reason as their primary motivator for starting their own business
• Pursuing a passion – 16% of survey participants point to this reason as their primary motivator for starting their own business
• An opportunity came and they could not let it pass – 12% of survey participants point to this reason as their primary motivator for starting their own business
• Unreadiness to retire – 7% of survey participants point to this reason as their primary motivator for starting their own business
• Retrenched or laid off from a previous job – 7% of survey participants point to this reason as their primary motivator for starting their own business

Characteristics That Produce Successful Entrepreneurs

In a survey conducted by Inc., results revealed successful entrepreneurs point to determination as the most important trait one has to have when venturing into a business. 

Below is a list of behavioral characteristics participants cited as important in reaching their goals. 

• Determination – 69% of successful entrepreneurs cited this trait as an important factor in their career 
• Risk-taking – 57% of successful entrepreneurs cited this trait as an important factor in their career
• Vision – 47% of successful entrepreneurs cited this trait as an important factor in their career
• Confidence – 34% of successful entrepreneurs cited this trait as an important factor in their career
• Positive thinking – 32% of successful entrepreneurs cited this trait as an important factor in their career
• Creativity – 27% of successful entrepreneurs cited this trait as an important factor in their career
• Focus on metrics – 21% of successful entrepreneurs cited this trait as an important factor in their career
• Salesmanship – 20% of successful entrepreneurs cited this trait as an important factor in their career
• Likeability – 13% of successful entrepreneurs cited this trait as an important factor in their career
• Luck – 10% of successful entrepreneurs cited this trait as an important factor in their career

Biggest Challenges Faced by New Businesses

Aside from knowing how many entrepreneurs are there in 2023, it is also important to look into the challenges business people, especially small enterprise owners, face in their field. 

23% of small businesses point to lack of capital as the main challenge for their operations.

Another pressing issue is a high turnaround rate, with 19% saying recruiting and making employees stay is a day-to-day roadblock to achieving their company’s goals. 

15% point to marketing as a significant challenge, while 13% say administrative work is too much for them.

Lastly, many small businesses struggle to provide benefits to their employees, with 8% considering this as a main challenge they face today. 

Top Industries Attracting New Entrepreneurs

Where one puts up a business is crucial to the long-term survival of an enterprise.

Take a look at these top industries generating the highest interest from new entrepreneurs globally.

• Food and restaurant industry – 12% of new entrepreneurs put up a business in this industry 
• Retail industry – 11% of new entrepreneurs put up a business in this industry
• Business services industry – 11% of new entrepreneurs put up a business in this industry
• Health, beauty, and fitness services industry – 9% of new entrepreneurs put up a business in this industry
• Residential and commercial services industry – 7% of new entrepreneurs put up a business in this industry

Top 10 Richest Entrepreneurs in the World

90% of billionaires in the United States are self-made.

Do you know what this means?

Nothing is impossible for those who are willing to do the hard work to turn their dreams into reality. 

The answer to the question “How many entrepreneurs are there in 2023?” is 600 million.

But which of these made it to Bloomberg’s list of the top 5 richest entrepreneurs in the world? Let’s find out.

1. Bernard Arnault 

• Country: France
• Current net worth: $190 billion
• Industry: Consumer
• Position: CEO and Chair of LVMH

2. Elon Musk

• Country: United States
• Current net worth: $183 billion
• Industry: Technology
• Position: Co-founder and CEO of Tesla

3. Jeff Bezos

• Country: United States
• Current net worth: $122 billion
• Industry: Technology
• Position: Founder and Executive Chair of Amazon.com

4. Bill Gates

• Country: United States
• Current net worth: $117 billion
• Industry: Technology
• Position: Co-founder of Microsoft

5. Warren Buffett 

• Country: United States
• Current net worth: $108 billion
• Industry: Diversified
• Position: CEO of Berkshire Hathaway

World’s Richest Women Entrepreneurs

Meanwhile, here are the women that made it to Forbes’ richest billionaires in 2023:

1. Francoise Bettencourt Meyers 

• Country: France
• Current net worth: $74.8 billion
• Company: L’oreal

2. Alice Walton 

• Country: United States
• Current net worth: $65.3 billion
• Company: Walmart

3. Julia Koch 

• Country: United States
• Current net worth: $60 billion
• Company: Koch Industries

4. MacKenzie Scott 

• Country: United States
• Current net worth: $43.6 billion
• Company: Amazon

5. Jacqueline Mars 

• Country: United States
• Current net worth: $31.7 billion
• Business: Candy and pet food

6. Gina Rinehart 

• Country: Australia
• Current net worth: $30.2 billion
• Business: Mining

7. Miriam Adelson

• Country: United States
• Current net worth: $27.5 billion
• Business: Casinos

8. Susanne Klaten 

• Country: Germany
• Current net worth: $24.3 billion
• Company: BMW

9. Iris Fontbana 

• Country: Chile
• Current net worth: $22.8 billion
• Business: Mining

10. Abigail Johnson

• Country: United States
• Current net worth: $21.2 billion
• Business: Money Management

Conclusion

There are 600 million entrepreneurs in the world in 2023.

Today, more women have entered the billionaire’s circle showing evidence of how time has changed the business dynamics. 

We hope you enjoyed reading this article on how many entrepreneurs are there in 2023.

If you are an aspiring entrepreneur, remember the top traits successful businessmen and women cited as important in their careers: determination, risk-taking, and confidence. 

Sources