明尼阿波利斯联邦储备银行近期一项研究显示，自主创业虽可能带来远超稳定工作的收入，但多数创业者无法享受这一收入优势。
该研究通过对2000年至2015年的税收与收入数据进行分析后发现：25岁创业者年均收入为2.7万美元（按2012年美元价值计算），略低于同龄受薪雇员的2.9万美元。
但两类人群的收入差距很快发生逆转：30岁时，创业者年收入达5.5万美元，受薪雇员为4.5万美元，前者比后者高出22%。
随着年龄增长，两类人群的平均收入差距进一步扩大。到55岁时，自雇者收入比受薪雇员高出70%——前者年收入达13.4万美元，后者为7.9万美元。
研究还指出，创业者在创业初期通常拥有其他收入来源（受薪工作或其他业务）。即便新业务尚未实现盈利，这些额外收入也能确保他们的整体收入保持正值。
然而，平均收入数据掩盖了自雇群体内部极为显著的收入不平等状况——这意味着“典型自雇收入并非来自普通自雇者”。该研究于7月发布，明尼阿波利斯联邦储备银行上周在另一篇文章中重点提及了这一结论。
此外，自雇群体80%的收入来自年收入10万美元及以上的高收入者。
该研究指出：“美国国税局（IRS）数据显示，在样本年份中，许多以自雇为主要收入来源的人，收入低于具有相似特征的受薪同行；但从整体情况来看，这部分低收入自雇者在总收入中的占比，远低于收入高于同行的自雇者。”该研究由安莫尔·班达里（Anmol Bhandari）、艾伦·R·麦格拉坦（Ellen R. McGrattan）、托比·卡斯（Tobey Kass）、埃文·舒尔茨（Evan Schulz）和托马斯·J·梅（Thomas J. May）共同完成。
这一发现发布之际，小型企业（尤其是商业领域）正成为私募股权的高利润投资标的。
部分私募股权公司通过投资企业、与创始人合作，助力企业扩大规模、提升收益。
明尼阿波利斯联邦储备银行研究的其他发现旨在消除关于自雇人士的若干误解，例如“自雇者都是寻求工作灵活性的零工从业者、为逃避失业而创业的不合群者、寻求风险投资的发明者、虚报收入以偷逃税款的人”。
例如，总体而言，创业者在创业时并未获得巨额资金支持，也未严重依赖债务融资。此外，数据表明，那些转型成为自雇者的人群此前收入普遍高于受薪雇员——这与“被迫创业”的观点形成反差。
研究指出：“多数坚持创业的创业者收入增长幅度高于受薪雇员。若能规避最严重的风险冲击，我们发现自雇是一项颇具吸引力的选择，而且从风险与回报的角度来看，自雇并不像先前认为的那样令人费解。”（*）
译者：中慧言-王芳
明尼阿波利斯联邦储备银行近期一项研究显示，自主创业虽可能带来远超稳定工作的收入，但多数创业者无法享受这一收入优势。
该研究通过对2000年至2015年的税收与收入数据进行分析后发现：25岁创业者年均收入为2.7万美元（按2012年美元价值计算），略低于同龄受薪雇员的2.9万美元。
但两类人群的收入差距很快发生逆转：30岁时，创业者年收入达5.5万美元，受薪雇员为4.5万美元，前者比后者高出22%。
随着年龄增长，两类人群的平均收入差距进一步扩大。到55岁时，自雇者收入比受薪雇员高出70%——前者年收入达13.4万美元，后者为7.9万美元。
研究还指出，创业者在创业初期通常拥有其他收入来源（受薪工作或其他业务）。即便新业务尚未实现盈利，这些额外收入也能确保他们的整体收入保持正值。
然而，平均收入数据掩盖了自雇群体内部极为显著的收入不平等状况——这意味着“典型自雇收入并非来自普通自雇者”。该研究于7月发布，明尼阿波利斯联邦储备银行上周在另一篇文章中重点提及了这一结论。
此外，自雇群体80%的收入来自年收入10万美元及以上的高收入者。
该研究指出：“美国国税局（IRS）数据显示，在样本年份中，许多以自雇为主要收入来源的人，收入低于具有相似特征的受薪同行；但从整体情况来看，这部分低收入自雇者在总收入中的占比，远低于收入高于同行的自雇者。”该研究由安莫尔·班达里（Anmol Bhandari）、艾伦·R·麦格拉坦（Ellen R. McGrattan）、托比·卡斯（Tobey Kass）、埃文·舒尔茨（Evan Schulz）和托马斯·J·梅（Thomas J. May）共同完成。
这一发现发布之际，小型企业（尤其是商业领域）正成为私募股权的高利润投资标的。
部分私募股权公司通过投资企业、与创始人合作，助力企业扩大规模、提升收益。
明尼阿波利斯联邦储备银行研究的其他发现旨在消除关于自雇人士的若干误解，例如“自雇者都是寻求工作灵活性的零工从业者、为逃避失业而创业的不合群者、寻求风险投资的发明者、虚报收入以偷逃税款的人”。
例如，总体而言，创业者在创业时并未获得巨额资金支持，也未严重依赖债务融资。此外，数据表明，那些转型成为自雇者的人群此前收入普遍高于受薪雇员——这与“被迫创业”的观点形成反差。
研究指出：“多数坚持创业的创业者收入增长幅度高于受薪雇员。若能规避最严重的风险冲击，我们发现自雇是一项颇具吸引力的选择，而且从风险与回报的角度来看，自雇并不像先前认为的那样令人费解。”（*）
译者：中慧言-王芳
Striking out on your own can result in much more income than holding a steady job with steady pay, but many entrepreneurs won’t enjoy that premium, according to a recent study from the Federal Reserve Bank of Minneapolis.
In an analysis of tax and income data from 2000 to 2015, the study found the average entrepreneur made $27,000 annually (in 2012 dollars) at age 25—slightly less than the $29,000 for a paid employee at the same age.
But those workers soon switched places, and by age 30 entrepreneurs made $55,000 versus $45,000 for paycheck workers, or 22% more.
As they got older, the average income gap between them widened, and by age 55 the self-employed made 70% more: $134,000 versus $79,000 a year.
The study also noted that entrepreneurs often have other sources of income when starting out, either from paid employment or a separate business, allowing them to post positive overall earnings even if their new businesses haven’t yet turned a profit.
But the data on average earnings also masks sharp inequality among self-employed workers, meaning that “the typical dollar in self-employment does not come from the typical self-employed individual,” according to the study, which was published in July and highlighted in a separate post from the Minneapolis Fed last week.
In addition, 80% of the income earned by the self-employed came from those making $100,000 a year or more.
“IRS data show that many of the primarily self-employed earned less over the sample years than paid-employed peers with similar characteristics, but in the aggregate this subgroup has a much lower share of the total income than those that earned more than their peers,” the study—authored by Anmol Bhandari, Ellen R. McGrattan, Tobey Kass, Evan Schulz, and Thomas J. May—said.
The findings come as small businesses, especially in trades, have emerged as lucrative opportunities for private equity.
By investing in businesses and partnering with their founders, some PE firms can help scale up companies and grow earnings.
Other findings from the Minneapolis Fed study sought to dispel some myths about the self-employed, such as being “a gig worker seeking flexible arrangements, a misfit avoiding unemployment spells, an inventor seeking venture capital, a tax dodger misreporting income.”
For example, entrepreneurs overall didn’t get a big cash windfall or rely heavily on debt to start their businesses. In addition, data showed those who switched to self-employment had previously earned more than peers who were paid employees, contrasting with notions that they were pushed into starting their own business.
“Most entrepreneurs that persist in business have higher earnings growth than in paid employment,” the study said. “With insurance from the most adverse shocks, we find that self employment is an attractive option and not puzzling from a risk versus return perspective as previously thought.”