Global Entrepreneurship Monitor (GEM) 2024/25 Indicates an Entrepreneurial Economy in US

Gladstone MI has one
of the nicest upscale looking 
downtowns in the area.
Coffee shop, barber, bars, brewery,
post office, bike shop, restaurants, etc. 
Escanaba is the next
area where entrepreneurship has
started to take off.

The U.S. is seen as a place where entrepreneurship can thrive, and we often find in capitalistic societies that entrepreneurs are honored champions of the economy. There has been some concentration of wealth over the past few decades and helping people start businesses also helps create the foundation of innovation and future job growth as a generative source as new products/ideas take off. Feeding long-term economic health is based in part in capital flowing to various new ventures and ideas in small and medium entities in addition to their larger cousins. 

You can read the report Global Entrepreneurship Monitor (GEM) 2024/25

-Total entrepreneurship reaches 19% 2024 in the U.S.

-2/3 indicate job insecurity an issue.

-7% of Americans running mature businesses.

-25% of entrepreneurs are 18-24. The Secrets to Success of Young Entrepreneurs

-Veterans and active duty have a higher rate of entrepreneurship

-Being born in the U.S. or immigrant didn't seem to have an impact.

-Largest percentage wholesale/retail and 44% introducing new product/service in the area.

-73% expected to hire at least one employee in the next 5 years.

-82% believe that entrepreneurship is a good career choice.

A couple of notes/thoughts:

One of the things I have been thinking about is about how attracting entrepreneurs to downtowns such as Escanaba can make a difference in long-term success. The downtown and area has attracted alot of attention in recent years. Escanaba is now known as a hot spot. Next to Escanaba is Gladstone as a sister town. It is actually just across the bay and people know each other. Rival highschool sports teams. Gladstone has a very nice little downtown that can be a model for other small entities. This can be especially true for serial entrepreneurs who may succeed or fail but ultimately keep going improving their environment. Attracting a number of them to the downtown and you might find different businesses starting and the downtown growing. Encouraging new business ownership relies in part on the existing businesses, grants, costs, permits/regulations, low-interest loans, and a number of other things.