Total number of subsets in a set

I was reading about subsets, in that, the article suggests the total number of subsets in a set is ${2}^{n}$, where n is the number of elements in the set. For example -$\{1,2,3,4,5\}$ the total number of subsets is 32 because n is 5 and ${2}^{5}$ is 32 by multiplicative principle.

But the multiplicative principle is that if m events can happen in n ways then the possible outcomes are $m\times n$. So in the subsets problem if every element has 2 possibilities of it being in set or not being in set why is it not $2\times 5$ and ${2}^{5}$? I know that the ${2}^{5}$ is correct but not able to visualize it.