The majority of Americans have an interest in becoming their own boss, and many of those who do are willing to take financial risks in order to do so, according to a new Gallup analysis.
The Shopify-Gallup Entrepreneurship study, released Thursday, found 62 percent of surveyed adults would prefer to be their own boss, while 35 percent prefer working for someone else.
Out of those who want to be their own boss, more than half, or 52 percent, said they would be willing to accept at least a fair amount of financial risk to do so. Just less than 15 percent of that chunk said they were willing to take a "great deal" of financial risk, while 38 percent said they would take a "fair amount."
Gallup noted the portion of those willing to take financial risks increases to 70 percent among aspiring entrepreneurs who are seriously considering starting a business.
As for why aspiring entrepreneurs or existing business owners look to start their own gig, being their "own boss" tops the list of reasons, Gallup found.
Fifty-seven percent of surveyed business owners and 60 percent of aspiring entrepreneurs listed being their own boss as the top motivation, which was followed by an "opportunity to earn more money" as the second-highest reason.
Close behind was the desire for a "more flexible work schedule," with 42 percent of surveyed business owners and 45 percent of aspiring entrepreneurs choosing this as the most important reason, per the analysis.
Schedule flexibility was a greater motivation for women than men, with 52 percent of surveyed women listing it as one of their main reasons, compared to 38 percent of men, the analysis stated.
The least common reason for aspiring entrepreneurs to pursue business ownership was a friend or family member encouraging them to go into the business with them, with only 10 percent choosing this option.
While many aspiring business owners are willing to take financial risks, finance-related matters are the primary barrier for achieving that goal, Gallup said.
Sixty percent of aspiring entrepreneurs cited a lack of funding, and 50 percent picked personal financial risks as the biggest challenges to starting a business.
A third of hopeful business owners pointed to inflation or the need to learn more about starting or managing a business.
The Shopify/Gallup Entrepreneurship study was conducted May 1-14 and surveyed more than 45,000 members of Gallup's probability-based online panel to examine the interest in business ownership, the motivations behind that choice and the obstacles to achieving that goal.
