A new study from Shopify and Gallup found that more than six in 10 Americans would prefer to be their own boss, while 35% would rather work for someone else. The majority (52%) of those who said they want to be their own boss would accept a fair amount of risk to do so, while 70% describe themselves as risk-tolerant.
The Shopify-Gallup Entrepreneurship study data is based on a survey of more than 45,000 members of Gallup’s probability-based online panel, including people who currently own their own business, those who are seriously considering starting their own business and those who haven’t given serious thought to starting a business.
Key reasons for wanting to start or remain owning a business include the ability to earn more money (54%)a flexible work schedule (40%)—more appealing to woman than men—and to pursue a passion project (30%). Sixty percent of current business owners reported that prior industry experience was one of the best resources to get started in business, while 52% said personal encouragement was among the top resources.
The primary barrier to starting a business, as found by the survey, is financial challenges. Of the aspiring entrepreneurs that responded, 60% said a lack of funding is the largest hurdle, while half said it is concerns about personal finance risks.
