Among the 5.4 million U.S. firms with paid employees, 481,981, or 8.9 percent, had been in business for less than two years in 2014, according to findings from the U.S. Census Bureau’s inaugural Annual Survey of Entrepreneurs.
In contrast to the employer firms that had been in business for less than two years, there were 167,917, or 3.1 percent, that had been in business for 16 years or more. More than 4 in 10 employer firms (2.4 million, or 44.1 percent) have been in business between 11 and 15 years.
Beginning with today’s release of 2014 statistics and continuing through the release of 2016 data, the Annual Survey of Entrepreneurs will supplement the Survey of Business Owners, conducted every five years. The Annual Survey of Entrepreneurs provides a timely, more frequent socio-economic portrait of the nation’s employer businesses by gender, ethnicity, race, and veteran status. It includes a relevant topic not found in the Survey of Business Owners: the number of years a firm has been in business. Source: U.S. Census Bureau
The survey is a public-private partnership among the U.S. Census Bureau, the Ewing Marion Kauffman Foundation and the Minority Business Development Agency.
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The 2014 Annual Survey of Entrepreneurs statistics show that there were 949,318 minority-owned firms with paid employees, comprising 17.5 percent of all employer firms. These minority-owned employer firms generated $1.1 trillion in receipts (approximately 3.3 percent of the receipts for all employer firms). Among minority-owned employer firms, 12.9 percent had been in business for less than two years, while only 1.4 percent had been in business for 16 or more years.
Of the 949,318 minority-owned firms with paid employees, more than half (506,595, or 53.4 percent) were Asian-owned; 108,473 (11.4 percent) were black or African-American-owned; 26,757 (2.8 percent) were American Indian or Alaska Native-owned; 4,701 (0.5 percent) were Native Hawaiian and Other Pacific Islander-owned; and close to a third (298,563, or 31.5 percent) were Hispanic-owned. The owner of a Hispanic-owned firm may be of any race.
Women owned approximately 1.1 million employer firms, or 19.4 percent, with receipts totaling $1.3 trillion, or 4.0 percent. Of these, 10.8 percent had been in business for less than two years, whereas 1.9 percent had been in business for 16 or more years.
Veterans owned 405,235 employer firms, or 7.5 percent, with receipts of $924.1 billion, or 2.8 percent. Of these, 6.8 percent had been in business for less than two years, while 3.6 percent had been in business for 16 or more years.
Gary Price (gprice@gmail.com) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area.
He earned his MLIS degree from Wayne State University in Detroit.
Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com.
