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Published on Jun 16, 2013
Celebrate National Small Business Week. Visit The UPS Store Facebook page and pledge your support for small business by sharing the "I Heart Small Business" badge: https://www.facebook.com/theupsstore.
When it comes to small business, Americans' aspirations couldn't be bigger. According to survey results released today by The UPS Store, 48 percent of Americans dream of starting a business, while 71 percent of small business owners say they would start their business all over again today.
Despite the interest in being your own boss, starting a small business requires more than simply hanging an 'Open' sign in the window. Just over half of small business owners (51%) spent more than two years dreaming about their future company before taking the leap of faith, and nearly one third (31%) spent more than five years planning, according to the findings.
Despite the many successful small businesses in the United States, according to the survey results nearly one third of small business owners don't think they've "made it" as a business owner. How they define "making it" varies from a certain amount of time in business, to number of customers, to profitability.
Additional survey findings include:
- The most common type of business Americans would open today is a restaurant (18%) followed by clothing/apparel (7%). - The most difficult obstacle for small business owners was taking the leap of faith to start their own companies (36%). - To overcome the hurdle, one in four small business owners relied on their own internal, personal desires while one in five found inspiration from the support and encouragement from others.
Additionally, sixty-three percent of small business owners shared the same piece of advice for budding entrepreneurs: have faith in yourself.
The results of the survey are based on an online survey with general consumers age 18+ and small business owners. The study was conducted with almost 1,500 general consumers and over 200 small business owners between May 3 and 7, 2013. The sample was drawn randomly from Research Now's panel.