In the United States' business landscape, immigrants play a significant role representing 18% of business owners with employees and nearly 23% of business owners without employees. These immigrant entrepreneurs are present in various sectors of the economy, with a notable presence in accommodation and food services, where they comprise 36.8% of employing businesses.
The desire for autonomy and increased financial gain are predominant reasons cited by small business owners, and opportunity is the primary driver of entrepreneurship, especially among those with employees. Additionally, small businesses play a vital role in research and development (R&D), allocating a significant percentage of their sales to this area, with a focus on development.
The funding required to start a small business varies considerably depending on the type of enterprise, ranging from home-based businesses to central area restaurants. Entrepreneurs opting for domestic franchises typically invest a lower amount compared to exclusively online businesses, depending on the nature of the business.
In response to the COVID-19 pandemic, many new small businesses emerged in 2022 as people sought employment and entrepreneurial alternatives. Surprisingly, despite over 80% of U.S. small businesses having no employees, they employ a significant number of workers in the United States, totaling 61.7 million, which equates to 46.4% of all the country's workers. This underscores the importance of small businesses in the U.S. economy.
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