Two-thirds of Americans dream of opening a small business, according to a recent study by Atomik Research commissioned by the UPS Store. And among individuals ages 37-57 (Generation Xers) 75% of those surveyed had the dream of opening a small business.
“Gen Xers (individuals between ages 37-57) feel the most optimistic and most willing to branch out and start their own small business,” according to Dr. Luke Pittaway, Ohio University College of Business Copeland Professor of Entrepreneurship. “This portion of the workforce is most likely well established in their career, financially equipped and starting to think about how they’ll spend the final stages of their career. In many cases, even when Gen Xers and Boomers reach retirement age, instead of grabbing their golf clubs or boarding a cruise ship, they’ll be looking for their next professional act. More and more we’re seeing that later career stages and retirement is the time professionals open a small business, and for many, it’s the first time.”
See related | The SmallBusiness.com Guide to Starting a Business
American adults of all ages dream of starting a small business
66% | Survey respondents who said they dream of starting a small business
Respondents who are 37-57 especially want to start a small business
75% | Generation Xers who dream of starting a small business
Of these Generation Xers, what types of businesses would they start
29% | Businesses that provide technology solutions
22% | Food/restaurant services
21% | Product/consumer goods
Reasons respondents give for starting a small business
38% | Being their own boss
17% | Believing in the power of their own idea
15% | Creating their next career path
Top fears related to opening a small business
45% | Financial insecurity
39% | Financial commitment required
37% | Fear of failure
Both men and women are optimistic about opening a small business
47% | Percentage of men optimistic about opening a small business
43% | Percentage of women optimistic about opening a small business
Where would they operate a small business?
56% | Home-based business
30% | Brick and mortar retail
20% | e-commerce business
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