Because of the extensive media coverage of young tech entrepreneurs, most people think the average small business owner is a 20-something techie who needs a shower. But as the chart below shows, the median American small business owner is a bit over 50 years old.


Demographic Diversity Among Small Business Owners

small-business-demographics-

The chart is from Babson College’s State of Small Business in 2016 study. It’s a comprehensive, 40-page report covering a variety of small business issues. The report focuses entirely on small businesses with employees. It does not cover independent workers (freelancers, etc.).

(For more SmallBusiness.com coverage of the Babson 2016 study, see: Highlights of Babson College Small Business in America Research)

(via: Small Business Labs)


Photo: ThinkStock

 

4
When Selling to Small Business Owners, Focus on Situations, Not Operations | 2014

When selling to a small business customer, drop the jargon and mindset of a large organization and talk about the customer’s situation.

5
How Small Business Owners Differ From Others in Debt, Money & Demographics | 2016

A comparison of characteristics and demographics between those who own small businesses and those who do not

6
Institutions in Which Americans Have Most Confidence Continue to be Military, Small Business | 2016

According to Gallup’s 2015 survey of Americans’ confidence in major institutions, only the military (72%) and small business (67%) — the highest-rated institutions in this year’s poll — are currently rated higher than their historical norms.

7
Highlights of Babson College Small Business in America Research | 2016

Obtaining capital is still a challenge for small businesses.