In a search to get my hands around how many entrepreneurs are in Charleston, SC, I started diving into some research.
I started with some studies on entrepreneurism to create a little simple math for Charleston.:
The KIEA study breaks down new enterprise creation at .32% of the overall population in 2011. This fluctuates based on the year (range of .27%-.34%) and by state (.29% for SC in 2011), but lets go with .28% to be conservative.
Based on a Charleston Population of 682,121 that would yield 1,910 new enterprises per month. Of course, these are all enterprises including low impact and subsistence businesses. If we use the math from the GEM study of 4% of total entrepreneurs are high impact, we get 76 new high impact businesses in Charleston per month.
The GEM study spends more time on the High Impact entrepreneurs.
“Entrepreneurs in the High Growth sub-segment usually start their companies when they are between 26 and 45 years old. They are likely to have attended college and many hold graduate degrees. Interestingly, the majority of High-Growth Entrepreneurs work in partnerships. Among all the sub-segments, the firms of High-Growth Entrepreneurs are also the most likely to have a significant number of international customers.”
If you just read one page of all the studies, look at page 5 of the GEM study. It clearly breaks down High and Moderate Growth Firms and the large impact in comparison to Low-Growth.
Finally, if .9% of the population is a high or moderate impact entrepreneur (as defined in GEM study) then we have 6,139 high or moderate impact entrepreneurs in the Charleston region.
I know 91 of them. Who are the rest? And, better yet how do we find the ones that need our help and vision to get there.