2023 Incfile Small Business Trends Survey Reveals 68% of Americans Believe They Have an Entrepreneurial Mindset

Incfile, a leader in online business formation and startup services, today released Part 1 of its 2023 Small Business Trends Survey. With National Small Business Week underway on April 30, the annual survey takes a deep dive into what makes up our nation’s entrepreneurs and what issues impact them the most. To learn more and follow full survey results, please visit incfile.com.

Owning a business is demanding, but entrepreneurs are up for the task. These are the challenges American entrepreneurs identified in 2023:

SMALL BUSINESS OWNERS CRAVE COMMUNITY

When finding new business resources, many of those surveyed felt they had nowhere to go. The most common sites visited included IRS.gov (22%) and SBA.gov (21%), but small business owners crave community. Entrepreneurs who are part of a small business community were nearly 60% more likely to do better this year than last.

Entrepreneurs “go to” resources for small business help:

● 31% - didn’t have one

● 22% - IRS.gov

● 21% - SBA.gov

● 14% - Visa.com

● 12% - Other

Lack of community helps explain why 58% say that when starting out, they didn’t have access to the knowledge, tools and resources they needed to achieve success.

IS STARTING A SMALL BUSINESS WORTH IT?

The Incfile community is more than 1 million strong, and this part of our survey confirms what we hear day after day - entrepreneurship is overwhelmingly rewarding.

● 72% say what they do is challenging but very worthwhile

● 25% say that in their experience, entrepreneurship is both fun and rewarding

● Men were more likely than women to say that entrepreneurship was easy

● Entrepreneurs age 18-34 were three times more likely to respond that business ownership was difficult and not worth it

WHY CHOOSE TO BE AN ENTREPRENEUR?

While we often talk about the freedom entrepreneurship brings, that’s not the main reason, according to our survey. So, why become an entrepreneur?

● 41% say passion is their main reason

● 34% said they had no choice due to financial constraints

● 15% entered entrepreneurship so they could be their own boss

● 10% were eager to be on an entrepreneurial path

WHAT DO SMALL BUSINESS OWNERS WANT LESS OF?

OR MORE OF?

● 47% want to reduce stress and mental health concerns

● 37% want less bureaucracy and paperwork

● 16% want to eliminate the need to find and hire the right people

WHAT DO SMALL BUSINESS OWNERS WANT MORE OF?

● 47% want more funding and grant access

● 33% want more time off and vacation

● 20% want straight answers and community support

“What we hear from our annual survey reflects what we hear from the Incfile community day after day…entrepreneurship isn’t easy, but the rewards are worth it,” said Dustin Ray, Chief Growth Officer & Co-CEO, Incfile. “We are very proud to work with so many entrepreneurs that are relentless. There is no question that passion drives entrepreneurship, and the Incfile community is better for it.”

To follow Incfile’s 2023 Small Business Trends Survey Series or to learn more about entrepreneurship and how to start a new business, please visit Incfile.com.

About Incfile

Incfile is a leader in online business formation and startup services. Since 2004, Incfile has simplified the process of registering and running a business for over one million entrepreneurs and small business owners. In addition to streamlining formation and incorporation with end-to-end service, Incfile’s all-in-one solution delivers a full suite of essential ongoing services like compliance, banking, bookkeeping, and more. With simple pricing, no contracts or hidden fees, $0 LLC formation, and one free year of registered agent service, Incfile offers unparalleled value for the modern entrepreneur. Incfile is proud to be recognized in Inc. Magazine’s Inc. 5000 National Awards for 2022 and Inc. Magazine’s Regional 5000 Awards for 2023. For more information, please visit www.incfile.com.

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