Survey on Entrepreneurship
60% Vote To Become Entrepreneurs

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Desire to Be Own Boss Widely Held in U.S.

Survey on Entrepreneurship conducted by Gallup International shows a positive 60% trend in the US to become entrepreneurs.

The Shopify-Gallup Entrepreneurship Study reveals that most Americans share the desire to be their own boss — and many are willing to take real financial risks to make it happen.

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Survey on Entrepreneurship Findings
Six in Ten Americans Want to Be Their Own Boss

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Survey on Entrepreneurship provides many interesting findings, some are listed below:

62% - Prefer to Be Their Own Boss

More than six in 10 U.S. adults would rather work for themselves than for someone else.

35% - Prefer Employee Status

Only about one-third of U.S. adults prefer working as an employee for someone else.

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Risk Tolerance Among Aspiring Entrepreneurs

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Willing to Accept Financial Risk

52% of those who want to be their own boss say they would accept at least a fair amount of financial risk to do so.

Seriously Considering a Business

Among aspiring entrepreneurs who are seriously considering starting a business, risk tolerance jumps to 70% — a notably higher threshold of commitment.

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Top Motivators for Starting a Business

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The survey on entrepreneurship indicates the appeal of being one's own boss and the opportunity to earn more money top the list of reasons why both current owners and aspiring entrepreneurs want to run their own enterprise.

Be Your Own Boss

The #1 motivator for both current owners and aspiring entrepreneurs — autonomy and control over one's own work.

Higher Pay Potential

The opportunity to earn more money is the second top motivator across both groups of entrepreneurs.

Flexible Work Schedule

Four in 10 people in each group cite schedule flexibility as a key reason — a much stronger driver for women than men.

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Schedule Flexibility: A Bigger Driver for Women

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Women

52% of women who want to start a business list a more flexible work schedule as one of their main reasons.

Men

Only 38% of men who want to start a business cite schedule flexibility as a key motivator.

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Most Helpful Resources for Getting Started

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The Survey on Entrepreneurship also reveals that about six in 10 current business owners point to prior industry experience and personal encouragement as their most valuable resources when launching their businesses.

60% - Prior Industry Experience

57% - Personal Encouragement

45% - Personal Savings

29% - Mentors / Community Networks

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Aspiring Entrepreneurs Have Similar Resources Available

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The survey also reveals that the resources current owners found most helpful are also the ones aspiring entrepreneurs say they currently have — a promising alignment for the next generation of business owners.

Encouragement from People They Know

55% of aspiring entrepreneurs have personal encouragement available to them today.

Relevant Industry Experience

50% already have the industry experience that owners say was critical to their success

Personal Savings

32% have personal savings they could use to fund a business venture

Business Networks

27% have access to personal or community business networks such as mentors or chambers of commerce.

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Financial Barriers Are the Biggest Obstacle

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While Americans are eager to be their own boss, financial concerns remain the primary barrier to action for aspiring entrepreneurs as per the this survey on entrepreneurship.

Lack of Funding

60% of aspiring entrepreneurs cite lack of funding as their biggest challenge

Personal Financial Risk

50% are concerned about the personal financial risks of going into business.

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Additional Challenges Facing Aspiring Entrepreneurs

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This survey on entrepreneurship also indicated some concerns on the minds of the aspiring entrepreneurs.

Inflation - 33%

Need to learn more about the business - 33%

Lack of confidence business would succeed - 26%

Govt Regulation - 25%

Access to Business Loans - 24%

Beyond funding, aspiring entrepreneurs face a range of operational and confidence-related hurdles that must be addressed to unlock the full potential of American entrepreneurship.

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Current Owners Faced Similar Barriers

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Today's business owners encountered many of the same obstacles that aspiring entrepreneurs face — validating that these challenges are universal, not unique to newcomers.

Personal Financial Risk

40% of current owners say concerns about personal financial risk were among their biggest challenges when starting out.

Lack of Startup Capital

30% cite a lack of money to start the business as a key obstacle they had to overcome.

Government Regulation & Knowledge Gaps

29% each mention government regulation and needing to learn more about starting or managing a business.

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Small Businesses: A Key Pillar of the U.S. Economy

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Small businesses are critical to creating and sustaining economic activity across the United States.

Entrepreneurs drive innovation, employment, and community wealth — making their success a matter of national economic importance.

Owner-employers in the U.S. outshine peers in income, wealth, life satisfaction, and work engagement — showcasing superior wellbeing and success. (Gallup, Apr. 2024)

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Current Owners Can Mentor the Next Generation

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There are no notable distinctions between current owners' and aspiring entrepreneurs' motivations, challenges, and resources.

This suggests current owners can play a pivotal role in mentoring aspiring entrepreneurs.

Share Experience

Overcome Barriers

Launch Business

Such collaboration would provide aspiring entrepreneurs with the individual and local organizational support that current owners cite as most helpful in getting off the ground.

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Black & Hispanic Women: Goals Without Resources

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The Gallup Center on Black Voices finds that majorities of Black and Hispanic women under 60 would be interested in starting a business if they had the resources — highlighting a critical equity gap in entrepreneurial access and support.

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Methods Used for Conducting Survey on Entrepreneurship

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Study Details

Self-administered web surveys conducted May 1–14, 2024, with 46,993 adults aged 18+, members of the Gallup Panel™.

Margin of sampling error: ±1 percentage point at the 95% confidence level.

Sample Breakdown

• 6,986 self-identified current business owners
• 4,030 who have seriously considered owning a business
• 35,167 adults who have not seriously considered business ownership

Gallup used probability-based, random sampling with demographic weighting to correct for nonresponse.

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Key Takeaways From this Survey on Entrepreneurship

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Widespread Desire

62% of U.S. adults want to be their own boss, with strong risk tolerance among serious aspirants.

Shared Motivators

Autonomy, higher pay, and schedule flexibility drive both current owners and aspiring entrepreneurs equally.

Financial Barriers Persist

Lack of funding (60%) and personal financial risk (50%) remain the top obstacles to entrepreneurship.

Mentorship Matters

Current owners are uniquely positioned to mentor the next generation by sharing strategies for overcoming common barriers.