Nearly a quarter (23%) of US consumers are considering starting a new business in 2024, according to findings from the Entrepreneurship in 2024 Report commissioned by Intuit QuickBooks in December 2023.
Seasoned and aspiring entrepreneurs predict they will continue to face challenges like credit card debt and rising interest rates in 2024. However, they feel optimistic about hiring, expanding their businesses, and building personal wealth.
The report, based on a survey of more than 4,500 US adults, had several other notable findings:
- 66% of respondents believe starting a business is a better path to building personal wealth than buying a house
- Nearly a third (32%) of small businesses created since 2020 were funded in part by tax refunds.
- The size of 2024 tax refunds will likely impact business growth and formation, with 65% of respondents saying a smaller return will make it harder for them to start a business or side hustle.
- Of the 1,000 side-hustle business owners surveyed, nearly two-thirds (62%) would quit their day job if they were able to earn $100,000 a year.
- A primary reason for keeping their day job before they hit the $100,000 a year earnings mark is concern over having a stable income. This was almost twice as important as having access to healthcare benefits from W2 employment.
- By generation, Millennial respondents have the highest bar for success in 2024, saying they need to earn $288,000, on average, to feel successful. At the other end of the scale, Baby Boomers would be satisfied with less than half that amount, at $126,000 on average.
You can read more in the Intuit QuickBooks Entrepreneurship in 2024 Report.
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