Be it the great significance of autonomy or the hesitance to ask for help – independence is ingrained in US-American society.
Such an overarching standard impacts many aspects of our lives, and formations of new businesses are no exception. But how does this core value influence the way American citizens approach their own businesses?
IONOS SE explored this topic by asking 500 US-American people about their desire to start their own company.
The representative study was conducted in October 2021 and has led to several interesting results.
Americans refer to be their own boss
It was Mahatma Gandhi who said, “It’s easy to stand with the crowd, it takes courage to stand alone” and it seems like American founders took his quote to heart. Not only do 80% of the participants say they can imagine starting a business, but the study also found that around 39% of Americans would prefer to found their business alone, without any business partners to support them.
They might want to rethink their stance though: According to the study’s results, finances are what prevents most people from becoming self-employed. Around 29% of participants claim the lack of financial security is the biggest hurdle to starting a business. Especially people between the ages of 40 and 50 (35%). Women seem to fear negative financial consequences (31%) more so than men (25%).
Trust and loyalty over expertise
Most participants who would prefer to set up their business with other people would like to do so with their partner (31%) or their family (12%). Only a very small percentage would be willing to start-up with a stranger, even if the said stranger had relevant expertise in the industry of the business.
Key findings from the study
The study’s results found some interesting points about Americans’ more general career dreams and aspirations.
The most important survey results include:
• USA start-up fever: Almost 80% of respondents want to start their own business.
• Money makes the world go round: Not only do US citizens see high income as the most important criterion for a dream job, but financial support is also seen as the most important form of assistance for potential founders.
• Hardship breeds creativity: 44% of participants have a greater aspiration to start their own business since the COVID-19 pandemic.
• New companies in rural areas? Almost a quarter of respondents request more support for new businesses outside of the city.
• Start-ups for planet earth: 90% of Americans say sustainability would be important to them when founding a business.
You can read more about the findings in the e-book “Entrepreneurship in America.”