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Characteristics of U.S. Business Owners

Date: 12/01/2005 | Category: Business | Author: Diana Heeb Bivona

The U.S. Census Bureau released a report on the characteristics of small business owners. The data represents approximately 7.7 million U.S. small business owners. Here are a few of the highlights:

• Approximately 71% of owners of businesses with paid employees are men, 26% are women (3% did not report gender).
• About 71% had at least some college education at the time they started or acquired ownership in their company, 24% had a bachelor’s degree and 19% had a graduate degree.
• Two-thirds of owners reported their business as their primary source of income.
• 14% of owners were veterans.
• About 49% reported spending more than 40 hours per week managing or working in their business, with 19% devoting 60 or more hours.

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