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  /  World News   /  Most Americans want to be own boss despite financial risk: Study

Most Americans want to be own boss despite financial risk: Study

(NewsNation) — A recent study revealed that 62% of United States adults want to be their own boss, and most are willing to take a financial risk to get there.

The Shopify-Gallup Entrepreneurship study found that, of those interested in owning a business, 52% were willing to take on at least “a fair amount” of financial risk. A whopping 70% said they would shoulder a “great deal” of financial risk in order to achieve entrepreneur status.

The responses mirror what’s happening in America’s professional world already. A record 5.5 million new business applications were filed in 2023, higher than the already lofty 5 million reported in 2022 and 2021.

Only 35% of the study’s 45,000 participants opted to stay as an employee for someone else.

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Why choose to be an enterpriser? Data indicates that being your own boss and making more money are the main motivators for Americans.

Respondents also cited a flexible work schedule, time to complete passion projects and answering a market need as reasons to opt for ownership.

Potential entrepreneurs’ biggest concerns are lack of initial funds to start a company, potential financial risks and looming inflation.

Small business owners are optimistic for growth in 2024

The study was conducted using Gallup’s probability-based online portal, which means some current business owners’ responses were taken into account in the data.

Even so, the overall sentiment of wanting to be your own boss and feeling troubled by financial aspects is clear across the board. Both current and prospective entrepreneurs reported mostly the same goals, fears and motivations.

Prior experience in a similar field and encouragement from friends and family won out as the key resources needed to take that professional leap.