The Megaphone Of Main Street: Unsung Entrepreneurs, Infographic #3 Encore (55+) Entrepreneurs

Encore (55+) Entrepreneurs 

People age 55+ make up 21% of the U.S. population, but own a disproportionately high 50.9% of U.S. small businesses, according to new survey data from 3,000 entrepreneurs published by SCORE, mentors to America’s small businesses.

What best describes your business? 

• Supplemental work
  • Encore: 30.9%
  • 55+: 23.8% 
• Stable nonemployer
  • Encore: 24.2%
  • 55+: 24%
• Contract work
  • Encore: 24%
  • 55+: 21.3%
• Early stage potential emploter
  • Encore: 20.9%
  • 55+: 30.9%

How much support have you seen during the Covid-19 pandemic? 

• Local community
  • Not supported at all
    • Encore- 51.1%
    • Non-encore- 55%
  • Somewhat supported
    • Encore- 32.6%
    • Non-encore- 33.1%
  • Very supported
    • Encore- 16.3%
    • Non-encore- 21.9%
• Local government
  • Not supported at all
    • Encore- 71.8%
    • Non-encore- 73.1%
  • Somewhat supported
    • Encore- 20.6%
    • Non-encore- 19%
  • Very supported
    • Encore- 7.5%
    • Non-encore- 7.9%
• State government
  • Not supported at all
    • Encore- 65.5%
    • Non-encore- 68.5%
  • Somewhat supported
    • Encore- 26.4%
    • Non-encore- 25.1%
  • Very supported
    • Encore- 8.1%
    • Non-encore- 6.4%
• Federal government
  • Not supported at all
    • Encore- 47.8%
    • Non-encore- 52.2%
  • Somewhat supported
    • Encore- 34.3%
    • Non-encore- 25.1%
  • Very supported
    • Encore- 17.9%
    • Non-encore- 14.1%

What personal sources have you used to finance your business since March 15, 2020?

• Personal savings- 74%
• Personal credit cards- 36.6%
• Retirement savings- 23.6%
• Friends/family- 14.1%
• Home equity loan- 6.3%