So you are thinking of being an entrepreneur starting a business but you’re not sure where to start. Perhaps you have a particular skill or passion and want and the thought of controlling your own destiny has you seriously considering your options. You are not alone. Here are some interesting facts and statistics. The percentage of job seekers starting their own business increased to a four-year high in the final quarter of 2016 (Fortune.com).
- 51 percent of owners of small businesses are 50-88 years old, 33 percent are 35-49 and only 16 percent are 35 years old and under.
- 69 percent of U.S. entrepreneurs start their businesses at home.
- According to the National Association of Small Business’s 2015 Economic Report, the majority of small businesses surveyed are S-corporations (42 percent), followed by LLCs (23 percent).
- Today, there are 1.7 million traditional C corporations, compared to 7.4 million partnerships and S corporations, and 23 million sole proprietorships (taxfoundation.org, 2014).
This course introduces students to the basic concepts of business structures and taxes according to the IRS. We’ll explore the benefits of starting your own small business and provide the foundation that you will need to further your dream of becoming an entrepreneur. Don’t start a hobby. Start a business.