Nearly two-thirds of employees — 62% — would prefer to be their own boss rather than work for someone else, according to the latest Shopify-Gallup Entrepreneurship survey.
But why are so many Americans attracted to entrepreneurship?
There are several factors that drive desire. And surprisingly, money is not the main reason.
The Gallup poll interviewed more than 6,900 business owners and more than 4,000 people who said they had seriously considered owning their own business. The respondents said that the following are some of the important reasons why they decided to start a business.
They want to be their own boss
Respondents who are business owners also cited this as the main reason: 57%
Respondents who have seriously considered starting a business also cite this as the top reason: 60%
The desire to be a manager is so strong among these people that 52% say they would be willing to take at least an equal amount of financial risk if the promotion meant they could run the show.
In addition, 70% of these respondents have a high tolerance for risk, which is an important quality for those who dare to start their own business.
I wanted an opportunity to earn more money
Respondents who are business owners also cited this as the main reason: 54%
Respondents who have seriously considered starting a business also cite this as the top reason: 60%
Many think that money motivates people to start businesses. And it’s clearly important, as more than half of entrepreneurs admit gaining wealth as the main reason for going solo.
However, the desire for wealth still takes second place in motivating you to be your own boss.
The desire for a flexible application
Respondents who are business owners also cited this as the main reason: 42%
Respondents who have seriously considered starting a business also cite this as the top reason: 45%
Many entrepreneurs and aspiring entrepreneurs cite a flexible work schedule as a key factor in their decision to leave the workforce behind. However, this sentiment is more pronounced among women.
More than half of women – 52% – say a flexible schedule is the main reason for wanting to start a business. Only 38% of men said the same.
Some important reasons to start a business
There are many other reasons why people start or dream of a small business. They include:
- Want to pursue a passion project: Cited by 30% of business owners / 45% of aspiring entrepreneurs
- Hoping to fill a need in the market for a specific product or service: 23% / 20%
- Desire to make a positive impact or change in the world: 19% / 36%
- You are encouraged by someone to start a business: 15% / NA
- I wish to leave the corporate world: 15% / 22%
- Expectations of family or descendants: 14% / 16%
- Willingness to support the community: 11% / 24%
- An acquaintance wanted to be a business partner: 10% / 10%
- Redundancy from previous job: 9% / NA
- Concerns about technology obsolescence: 3% / 9%
- Lack of happiness in current job: NA / 19%
- A friend or family member wanted to join the business: NA / 10%
If you dream of starting your own business, check out “11 Cheap Business Ideas You Can Start Under $1,000.”
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