Most Americans share interest in becoming their own boss: Gallup

A majority of Americans are interested in becoming their own business, and many of them are willing to take financial risks to do so, according to a new Gallup analysis.

of Shopify – Gallup Entrepreneurship SurveyThe survey, released Thursday, found that 62 percent of adults surveyed would like to be their own boss, while 35 percent prefer to work for someone else.

More than half (52%) of those who want to be their own boss said they would be willing to take at least a significant financial risk to do so, while just under 15% said they would be willing to take a “considerable” financial risk and 38% said they would be willing to take a “significant” risk.

Gallup found that among aspiring entrepreneurs who are serious about starting a business, the percentage of those willing to take financial risks increases to 70 percent.

“Being my own boss” is the most common reason aspiring entrepreneurs and existing business owners alike give for starting their own business, according to a Gallup survey.

Fifty-seven percent of business owners and 60% of aspiring entrepreneurs surveyed cited being their own boss as their top motivator, followed by “the opportunity to earn more money” in second place.

The next most common reason was a desire for “more flexible work schedules,” chosen as the most important reason by 42% of business owners and 45% of aspiring entrepreneurs surveyed, the analysis found.

The analysis found that schedule flexibility was a bigger motivator for women than men, with 52% of women surveyed citing it as one of their main reasons, compared to 38% of men.

The least common reason aspiring entrepreneurs became business owners was because a friend or family member encouraged them to start a business together, with only 10 percent choosing this option.

According to Gallup, many aspiring entrepreneurs are willing to take financial risks, but finances are the biggest obstacle to achieving their goal.

60% of aspiring entrepreneurs cited a lack of capital, and 50% cited personal financial risk as the biggest challenge to starting a business.

A third of aspiring entrepreneurs pointed to inflation and the need to learn more about starting and managing a business.

The Shopify/Gallup Entrepreneurship Survey was conducted May 1-14 and surveyed more than 45,000 members of Gallup’s probability-based online panel about their interest in business ownership, the motivations behind that choice, and the obstacles they face in achieving that goal.