New Surveys Show Entrepreneurial Aspirations are High New Surveys Show Entrepreneurial Aspirations are High

New Surveys Show Entrepreneurial Aspirations are High

A pair of newly released surveys show that the entrepreneurial spirit of America is as strong as ever. Not only do a number of individuals report wanting to open a business but the vast majority of those that have taken the leap declare that they’re living the American Dream. Moreover several small business owners say they hope their children will follow in their footsteps.

According to a study by online lending marketplace LendingTree 31.6% of respondents said they’ve considered starting a business in the last year (another 5.6% already had their own businesses). When asked why they wanted to launch a business, nearly a quarter said they “wanted more purpose,” making that the top response. In second place with 15.8% was the notion that starting a business was the best way to build wealth. Additionally 14.4% said they were motivated by the idea of not having a boss.

While the LendingTree survey found that many among us dream of becoming small business owners, a separate study by online lender Kabbage found that many of those who have started business believe they’re better off for it. In fact 85% of those surveyed said that they’ve achieved the American Dream of being their own boss and owning a business. As a result 84% say they hope that their children grow up to become business owners as well.

Asked why they want their children to aspire to be entrepreneurs, the top response (with 38%) was the desire for them to turn their passion into a career. Another 24% said they wanted their kids to be able to be their own boss and control their schedule. Lastly 22% stated that starting and building a business was a rewarding experience that they wanted their children to have for themselves.

As you may have caught, both of these surveys come from companies that offer financial services. On that note, the LendingTree surveyed also inquired how prospective entrepreneurs planned to raise capital for their business. First of all, 42% of respondents cited lack of capital as the top reason why they hadn’t acted on their business plans. In terms of what kinds of financing they were looking for, just under one-third of respondents said they planned to apply for an SBA (Small Business Association) loan while a 25% said they didn’t require financing. Two other popular answers were “cash savings” and “credit cards,” which both made up 17.4% of responses followed by non-SBA loans at 15.6%.

Despite the various obstacles and challenges associated with starting a business, it seems that many Americans are up for the challenge. Furthermore, just as other surveys highlight how optimism among small business owners is at the historical high, both of these studies also show that entrepreneurial spirit is strong — so strong that the vast majority of business owners wish to pass their passion to the next generation. With that, even at a time of political strife and division, there’s little doubt that the American Dream is alive and well.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...