(NewsNation) — A recent survey found that 62 percent of American adults want to be their own business, and most are willing to take financial risks to do so.
In a Shopify-Gallup entrepreneurship survey, 52% of people interested in starting a business said they were willing to take at least a “substantial” financial risk. A whopping 70% said they would take a “significant” financial risk to achieve entrepreneurial status.
The response reflects what’s already happening in the American business world: A record 5.5 million new business applications were filed in 2023, surpassing the already high 5 million reported in 2022 and 2021.
Of the 45,000 people surveyed, only 35% chose to remain as employees of another company.
Why choose to become an entrepreneur? Data shows that becoming a self-employed person and making more money is a leading motivation for Americans.
Respondents also cited flexible work schedules, time to complete passion projects, and serving market needs as reasons for choosing ownership.
The biggest concerns of aspiring entrepreneurs are lack of initial capital to start a company, potential financial risks, and looming inflation.
The survey was conducted using Gallup’s probability-based online portal, so responses from a subset of current employers were factored into the data.
Yet the desire to be their own boss and feelings of financial stress are evident across the board: current entrepreneurs and those considering starting their own businesses in the future report largely the same goals, fears, and motivations.
Previous experience in a similar field and encouragement from friends and family won out as the key resources I needed to soar professionally.
