Two in five Americans dream about the day they can tell their boss they quit, according to a new survey—but it’s not necessarily because they hate their job. Instead, it’s because 67% have dreams of being an entrepreneur.
And, people really do feel their ideas could change the world – results show that, of those who aspire to open a business, 68 percent believe their idea would be revolutionary for the industry.
The international survey of 23,500 respondents – spanning 24 countries and including 2,000 Americans – looked at the entrepreneurship dreams of people around the globe, as well as their motivations and the challenges they face.
Across the globe, the top reason to start a business was found to be following a passion (64%).
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For Americans, other reasons included being their own boss (59%), supporting their family (51%), and wanting to solve a problem/improve the world (36%).
Commissioned by Herbalife Nutrition and conducted by OnePoll, the survey found that 52% of aspiring American entrepreneurs have already taken steps to open their business.
But that doesn’t mean there’s any easy road in front of them: With all the barriers business owners face, 81% of Americans interested in starting a business feel overwhelmed by the prospect—and compared to those in other countries, more are anticipating failure before starting. Three-quarters (76%) feel they may never have the opportunity to follow their dream, compared to 69% globally.
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The biggest barrier to entrepreneurship across the globe was found to be the initial cost of opening a business (65%). Other barriers to opening a business include fears of profitability (38%) and a lack of financing/marketing knowledge support (38%).
But, 3 in 10 aspiring American entrepreneurs were unsure even of which steps to take in order to start.
Of those who currently own a business, 41% took the leap after having a dream, listening to their gut, or being encouraged by family.
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From the initial idea to actually starting the business, it took respondents an average of three years to implement their dream.
BENEFITS OF OWNING YOUR OWN BUSINESS
Ability to be my own boss – 66 percent
Flexibility in my work/life schedule – 58 percent
Ability to pursue my passion – 54 percent
Potential to grow my income – 51 percent
Increased job satisfaction – 45 percent
BARRIERS TO OPENING YOUR OWN BUSINESS
The initial cost to open a business – 64 percent
Worried it wouldn’t be profitable – 38 percent
Lack of financing/market knowledge support – 38 percent
Worried it wouldn’t be successful – 36 percent
Unsure what steps to take in order to start – 29 percent
WHAT MADE BUSINESS OWNERS TAKE THE LEAP?
Their dream – 41 percent
Listened to my gut/intuition – 37 percent
Encouragement from family – 37 percent
Encouragement from friends – 31 percent
Income changes (loss or gain) – 29 percent
Poll Your Friends On Social Media, Too – Photo by Virgo Group, CC license