Entrepreneurship Study

Personal Challenges

1) Not all entrepreneurs consider owning a franchise as an option

Entrepreneurs are more likely to be successful buying an existing business or franchise with existing customers and established processes. Based on individual risk factors and financial circumstances, more entrepreneurs could benefit from starting out as a franchisee or buying an existing business.

2) Gig workers are not more likely to be entrepreneurs

According to the Bureau of Labor Statistics, 36% of US workers are earning income as a gig-worker compared to only 24% of survey respondents. Characteristics of a gig-worker may not be the same for those who decide to start their own business. However, the growing gig economy and disruptions in the workforce from Covid may still have unintended consequences.

3) Existing entrepreneurs are emotionally prepared

This study surveyed individuals who started at least one company which may explain the majority of participants indicating that they were prepared. However, 28% still were emotionally not prepared.
Further research into individuals who considered starting a business but never followed through would reveal greater insights.

In order to increase the number of people starting a business, programs must include support to help individuals overcome the emotional aspects of starting a business.

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