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The SBA recorded 1.2 million new business starts in the third quarter of 2023. This represents a 4% increase over the same quarter last year.

SBA data show that entrepreneurship is a major force in the U.S. economy. Ventures create new jobs, drive innovation and contribute to economic growth.

Here is a breakdown of the registered ventures in the third quarter of 2023 by sector:

  • Retail trade: 300,000
  • Professional services: 250,000
  • Construction: 200,000
  • Transportation and warehousing: 150,000
  • Manufacturing: 100,000
Entrepreneurship is expected to continue to grow in the United States in the coming years.

A CHALLENGE AND AN OPPORTUNITY

60% Failure Rate in the First 2 Years

The failure rate is even higher for start-ups in highly competitive sectors, such as technology and finance. In these sectors, the failure rate can be as high as 80%. It is important to remember that failure is a natural part of entrepreneurship. However, by taking the right steps, entrepreneurs can increase their chances of success.

70% Failure Rate in the First 5 Years

According to current data, approximately 70% of new businesses fail to make it through the initial five years. This underscores the importance of strategic planning, sound management and adaptability for entrepreneurs seeking to establish a lasting business.
Revenues Employability Growth

Impressive Economic Contribution

New businesses contribute significantly to the U.S. economy. By the end of 2022, they will generate $3.9 trillion in revenue. This represents a 10% increase over 2021, demonstrating their importance as an economic force.

Employment Creation

Small businesses created 1.2 million jobs in the third quarter of 2023. This represents a 4% increase over the same quarter of the previous year. Contributing to the economic growth of the areas where they operate.

Booming economic engine

Annual small business growth has been relatively stable in recent years, averaging 2.4%. However, growth has accelerated in recent years, with a 4% increase in the third quarter of 2023. This faster growth is a positive sign for the future of U.S. business.

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