Entrepreneurship is a great way to achieve economic mobility! Elevate Rapid City supports entrepreneurs by connecting you with the right resources at the right time.
Benefits of Entrepreneurship
- Intergenerational Mobility: Entrepreneurship can also have long-term benefits for families. A study by the Pew Charitable Trusts found that self-employed individuals are more likely to experience upward economic mobility and pass this advantage on to their children. (1)
- Increased Earnings: Studies have shown that entrepreneurship can lead to higher earnings over time. According to a report by the Kauffman Foundation, "The average income of small-business owners is higher than the average wage and salary income of non-business owners." (2)
- Wealth Accumulation: Entrepreneurs tend to accumulate more wealth. The Federal Reserve Survey of Consumer Finances found that the median net worth of self-employed families is nearly four times higher than that of non-self-employed families. (3)
