Historically, small businesses in the U.S. have fueled the economic engine by supplying a steady stream of new jobs. However, in recent years, new business birth rates have slowed prompting the Kaufman Foundation to declare that startup rates are “half of what they were a decade ago.” This is surprising because the U.S. is seen as a global leader in entrepreneurship. Americans have created whole new industries from scratch through the courage, determination and skill of generations of risk takers.
Is America at risk of losing this status? Perhaps, but why? It’s difficult to pinpoint the exact reasons for the overall decline in entrepreneurship in America.We can, however, tease out differences in overall interest in entrepreneurship by gender, age and ethnicity with the hope of revealing why people want to start businesses and the barriers getting in their way. With any luck, we’ll gain clarity on how to liberate closet entrepreneurs and give them the support they need to thrive.
To do that, ThinkNow conducted a national survey of 1,291 Americans aged 18-64 across various ethnic groups. We asked them about their interest in starting businesses, industries chosen, revenue goals, motivations, barriers and utilization of support services. The results are both eye-opening and potentially concerning.
Special guest, Kenneth Salas, COO and Co-Founder of Camino Financial, joins Mario X. Carrasco, Managing Partner at ThinkNow Research, for the #ThinkNowMRX Podcast Series to discuss the findings of the ThinkNow Entrepreneurship Report.
Download our detailed report here: