Press release
Intuit QuickBooks Entrepreneurship in 2024 Report: Majority of Americans Believe Starting a Business Better Way to Build Wealth Than Buying a House
Nearly a Quarter Surveyed Considering Starting a Business in 2024 MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), the global technology
About this update from Intuit Inc.
[{"type":"text","content":"\nNearly a Quarter Surveyed Considering Starting a Business in 2024\n\n\n MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nIntuit Inc. (Nasdaq: INTU), the global technology platform that makes Intuit QuickBooks, TurboTax, Credit Karma, and Mailchimp, today announced the findings of the Intuit QuickBooks Entrepreneurship in 2024 Report. According to a survey of more than 4,500 U.S. adults, inflation and interest rates are the greatest threats to the ability to build personal wealth in 2024 and 66% believe starting a business is a better path to building personal wealth than buying a house. As a result, 23% are considering starting a business in the new year, with Gen Z showing the most interest in entrepreneurship.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231219808087/en/28% of Gen Zers say they’re considering starting a business in 2024. (Graphic: Business Wire)\nGreatest Impact on Business Formation and Growth\n\n\nDespite the increased interest in AI, hiring skilled workers was rated as the number one way to drive growth by respondents who were small business owners, followed by investing in social media and ecommerce. Interestingly, these came ahead of securing financing or loans – often perceived as a key to business growth. Other key findings that could influence business formation and growth include:\n\n\n\nTax returns turning into businesses: Nearly a third (32%) of small businesses created since 2020 were funded in part by tax refunds. Given this, the size of 2024 tax refunds will likely impact business growth and formation, with 65% of respondents saying a smaller return will make it harder for them to start a business or side hustle.\n\n\n\nInflation’s ongoing impact: Over the past three years, more than half (57%) of respondents who started a business said boosting their income amid inflation influenced their decision to launch a business venture – equal to the amount who cited the COVID-19 pandemic as a reason. Additionally, respondents noted that inflation is the number one challenge to small business growth in 2024 followed by higher interest rates which make it more expensive to borrow money.\n\n\n\nGenerational differences in investment: The data show that younger entrepreneurs are more likely to invest for growth in 2024 than older generations, with...