Solopreneurs abound, but a recent global survey suggests a majority of potential entrepreneurs would rather hire people than work alone.
Fifty-seven percent of people surveyed for the 2018 Amway Global Entrepreneurship Report indicated they’d prefer to hire others.
The statistic emerged from a broad survey conducted by market research firm GfK SE, which found overall that entrepreneurial “spirit,” as measured by desire, feasibility and stability, or commitment to starting a business, remains healthy around the world, albeit a bit lower than in 2017.
The survey of nearly 50,000 people ages 14 to 99 also reveals noteworthy differences based on gender, age and geography.
The report indicates, for example, that women may be more hesitant than men to start a business, and that people younger than 35 possess the strongest desire to become entrepreneurs.
In the U.S., for example, 67 percent of men signaled a desire to start a business, compared with 47 percent of women.
Globally, while women were almost on par with men in indicating support from family and friends for their entrepreneurial goals, significant differences emerged in other areas. Among them:
- 56 percent of men and 48 percent of women indicated they could develop business ideas.
- 42 percent of men and 35 percent of women said they knew how to raise money for their business ideas.
- 50 percent of men and 43 percent of women were willing to risk failing.
The survey also suggests that entrepreneurial interest declines with age, as 68 percent of those younger than 35 indicated a desire to start a business, compared with 60 percent of those ages 35 to 49, and 48 percent of older respondents.
On the other hand, the survey indicates that middle-aged people feel more prepared for entrepreneurship than their younger counterparts.
Geographically, the proportion of U.S. survey respondents desiring to start a business outpaces the global average – 57 percent versus 49 percent.
An “entrepreneurial spirit index,” which averages desire and feasibility for entrepreneurship as well as stability – willingness to pursue a business venture if family or friends were to stand in the way – landed at 47 globally versus 61 in Asia, 57 in Latin America, 52 in North America and 42 in the EU.
The global entrepreneurial-spirit index slipped three points year over year, dropping seven points in Latin America.
As for employing others rather than working alone? While the statistics varied by region, the majority of respondents in every area covered by the survey preferred the idea of hiring people.
Among other findings, a majority of potential entrepreneurs would prefer to work in a city over a rural area. More than half would rather offer a service than a product, although this wasn’t the case in every part of the world.
And while the Internet may have revolutionized entrepreneurship, allowing virtually anyone to set up shop online and make a living, if not a fortune, many potential entrepreneurs appear to hold a more traditional vision of running a business.
The report found that 75 percent would rather serve customers personally than digitally.
