Lifestyle

Most Americans dream of being their own boss

Three in five (62 percent) Americans want to make their dream of owning a business a reality in 2018, according to new research.

The study explores the ambitions and perceptions that 1,000 American non-business owners have around becoming their own boss and the reality experienced by 500 existing small business owners.

Results show as many as 37 percent have genuine aspirations to become their own boss and a further 25 percent might seriously consider it.

The research from Vistaprint found financial concerns and worry over how their business will be funded are the biggest barriers preventing people from making this leap, followed by fear of failure.

SWNS

“Small businesses form the backbone of the economy, strengthen local communities and provide significant value to their customers, so it’s encouraging to see so many Americans would like to start their own companies,” said Vistaprint CEO, Trynka Shineman. “Through our research, we hope to support the next generation of entrepreneurs, by shedding light on the motivations for starting a business and the success factors, challenges and rewards of striking out on your own — based on the experiences of current owners.”

Reasons to go it alone

When thinking about the reasons to start a company, current business owners say the yearning for a better lifestyle trumps the desire to make more money. The ability to be in charge of your own destiny and work flexibly were the top reasons existing owners provided, followed by financial independence, added satisfaction and improved work/life balance.

Similarly, aspiring entrepreneurs cite the lure of being in charge of your own destiny as the number one appeal of owning a business. The prospect of making more money was the 5th cited reason for those who have yet to make their business a reality.

The recipe for success

Anyone genuinely aiming to make 2018 the year they become their own boss will need to roll up their sleeves, as current business owners say embracing hard work is the most important personality trait of all. Self-confidence and intelligence were also considered crucial to successfully setting up a business.

Those aspiring to run their own business equally recognize the importance of hard work – naming it their number one most valued personality trait. Yet, they placed much higher importance on the ability to take risks – naming it at number three in their list. Interestingly, current business owners didn’t include ‘risk-taking’ on their list of top 10 personality traits.

Risk vs. reward

Is it worth aspiring dreamers making the jump? A third of business owners said starting a business was harder than they anticipated, with one in 10 (12 percent) stating it to be much harder than expected. When it comes to the difficulties of running a business, finance issues were deemed the most common struggle by business owners, followed by difficulties with marketing and advertising.

But the risk and hard work is worth the reward — 62 percent of entrepreneurs say being their own boss is more satisfying than they expected, with just five percent experiencing less satisfaction than was hoped for.

And in terms of performance, three in five (62 percent) business owners say their business is as successful as they expected it to be, although one in four owners (25 percent) feel it’s not gone as planned. When it comes to 2018 performance two-thirds of business owners anticipate a better year than the last with one fifth (22 percent) forecasting much better results.

For additional data on the expectations and reality of being a business owner including differences by generation and gender, check out Vistaprint’s full report.