2023 Incfile Small Business Trends Survey Reveals 90% of Americans Want to Be Their Own Boss
Incfile, a leader in online business formation and startup services, today released Part 2 of its 2023 Small Business Trends Survey, focusing on entrepreneurial mindset. With National Small Business Week underway on April 30, the annual survey takes a deep dive into what it takes to be an entrepreneur in the United States today. To learn more and follow full survey results, please visit incfile.com.
The Incfile survey on entrepreneurial mindset polled 2,000 members of the general population who are not business owners. We wanted to know, can anyone start a business? Our report found that while many non-business owners dream of starting a business, few have what it takes to make it a reality. The most significant learning - having the right tools and support is critical to turning a dream into a successful business.
DO YOU WANT TO BE YOUR OWN BOSS?
- 90% of people prefer to be their own boss
- 62% would prefer to be their own boss while maintaining their current salary
- 38% would choose to keep their day job with double the salary
- Women were more likely to prioritize the stability of their current job at double compensation
DO YOU HAVE AN ENTREPRENEURIAL MINDSET?
- 65% believe they have an entrepreneurial mindset
- 18% aren't sure they are cut out for the risk
- 10% don't think they have the business savvy to succeed
- 7% don't believe they have the ambition or drive
BUSINESS IDEAS ARE CONSTANTLY BEING BORN
- 47% say they've had multiple business ideas
- 27% say they've have had just one business idea
- 26% say they've never had an idea for a business
THE MOST COMMON BARRIERS TO STARTING A BUSINESS
- 50% say lack of funding
- 25% don't know where to begin
- 16% say it's too risky
- 9% say there is a lack of guidance and support
WILL CAREER SATISFACTION IMPACT ENTREPRENEURSHIP?
Quiet quitting and general job unhappiness may be responsible for a surge in entrepreneurship and startups throughout 2023. With less than a quarter of respondents feeling very satisfied in their current career path, many will likely pursue the dream of being their own boss.
- 22% say they are very satisfied in their career path
- 47% are moderately satisfied
- 19% are moderately unsatisfied
- 12% are very unsatisfied
"There is no question that the current state of the post-COVID economy has fuelled entrepreneurship, it's been a challenging time, and with 90% of Americans saying they want to be their own boss, it's a natural pivot," said Dustin Ray, Chief Growth Officer & Co-CEO, Incfile. "It's so exciting to see so many Americans coming up with business ideas. We are so inspired by our community of entrepreneurs; there is nothing better than turning those dreams into reality."
To follow Incfile's 2023 Small Business Trends Survey Series or to learn more about entrepreneurship and how to start a new business, please visit Incfile.com.
About Incfile
Incfile is a leader in online business formation and startup services. Since 2004, Incfile has simplified the process of registering and running a business for over one million entrepreneurs and small business owners. In addition to streamlining formation and incorporation with end-to-end service, Incfile's all-in-one solution delivers a full suite of essential ongoing services like compliance, banking, bookkeeping, and more. With simple pricing, no contracts or hidden fees, $0 LLC formation, and one free year of registered agent service, Incfile offers unparalleled value for the modern entrepreneur. Incfile is proud to be recognized in Inc. Magazine's Inc. 5000 National Awards for 2022 and Inc. Magazine's Regional 5000 Awards for 2023. For more information, please visit www.incfile.com.
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