Nearly a quarter of US consumers (23%) 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 alike 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.
Read on for entrepreneurship trends and predictions in 2024.
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- Starting a small business is considered a better way to build personal wealth in 2024 than buying a home, especially among younger generations
- Inflation continues to be a driving force of new business growth following the pandemic
- Gen Z is the most likely to invest in small business growth in 2024
- Credit cards remain critical for small business financing, 83% of respondents used credit cards in 2023
- Respondents say they need to earn $230k in 2024 to feel successful
- Increasing revenue is the #1 small business goal for 2024, above launching new products or services, or getting financing
- Baby Boomers report working remotely and taking more time off than younger generations