State of Entrepreneurship in the U.S.: 2022 Study

Two years after the first State of Entrepreneurship study, SecondMuse's 2022 research found that more than three quarters of polled entrepreneurs (77%) do not think the U.S. economy is on the right track, up from 69% in 2020. Amid new pressures from inflation and a competitive job market, many entrepreneurs have shifted focus to their bottom lines, while those most affected by injustice and climate change stay centered on social and environmental justice. Healthcare was the top issue overall (55%), and the study surfaced sharp divides in how different groups experience the economy. Women were more likely than men to flag gender equality, racial equality, and poverty, and Black entrepreneurs were twice as likely as white entrepreneurs to name racial equality.

Generational wealth and access to capital emerged as defining factors. Entrepreneurs without past generational wealth were 2.5 times more likely to say the economy is not inclusive, and more than half cited access to capital as the most important factor for starting a business. Half of all respondents said access to capital is unevenly distributed, citing race, family wealth, and relationships as the main reasons. The study closes with a call to invest in diverse entrepreneurs through equitable access to loans, grants, capital, and education, enabling founders of color to take the same risks as those with inherited wealth and elevating the experiences of women.