Earlier this year, the U.S. Census Bureau issued findings from its 2002 Survey of Business Owners. The findings cover the economic and demographic characteristics of approximately 7.7 million people who own businesses with paid employees. Here are some of the highlights as noted in the Census Bureau's press release:
First, we look at the breakdown of small business owners by Gender:
Next, here is the U.S. Census' breakdown of small business owners by Race:
Finally, here is the U.S. Census data showing the minimum level of educational attainment for small business owners:
Interestingly, the U.S. Census Bureau notes that 1 in 4 of Asian and Black business owners had a graduate degree, indicating that small business owners in these groups are much more likely to be highly educated, as compared to other ethnic groups.
Regardless of gender, race and educational attainment, the small business owners are very likely to put in long hours to make their business successful. The Census bureau notes that 49% of all small business owners work more than 40 hours per week managing or working in their business, and that 19% of small business owners put in 60 or more hours per week.