|[August 04, 2014]
Half of U.S. Working Adults Own or Want to Own Their Own Businesses, Finds University of Phoenix Survey
PHOENIX --(Business Wire)--
Half (50 percent) of working adults in the U.S. either currently own or
want to own their own businesses, according to a new national University
of Phoenix School of Business survey. Of working Americans who do
not currently own a business, nearly two in five (39 percent) hope to do
so in the future.
Age makes a significant difference as nearly half (52 percent) of
workers in their 20s who do not currently own a business hope to do so
in the future, followed by 50 percent of workers in their 30s and 35
percent in their 40s. Second careering may also lead some workers to
consider entrepreneurship later in their careers. In fact, more than a
quarter (26 percent) of workers in their 50s and 17 percent of workers
age 60 or older who do not own a business, want to do so in the future.
The recent online survey of more than 1,000 working adults in the U.S.
was conducted on behalf of University of Phoenix School of Business by
Harris Poll in July 2014.
University of Phoenix School of Business is hosting more than 40 events
nationwide in August to help prospective and current entrepreneurs learn
how to launch and sustain successful businesses. More information about
the events and locations can be found at www.phoenix.edu/thinkbig.
Barriers to business ownership
Why haven't more American workers started their own businesses?
According to the survey, the top barrier for working adults who want to
own their own businesses is a lack of adequate finances (67 percent).
Prospective business owners also say they are held back because they
need more education or training (33 percent), do not know enough about
running a business (32 percent), have not found the right idea or
concept (30 percent), do not have the time (22 percent) and need to
develop leadership skills (17 percent).
"Starting your own business can be an exciting and fulfilling pursuit,
but requires significant planning, resources and business knowledge,"
said Michael Bevis, director of Academic Affairs for University of
Phoenix and faculty member for the School of Business. "Many potential
entrepreneurs have great ideas and a strong understanding of specific
industries, but often do not have the business background to turn
concepts into profitable ventures. Business education can help
entrepreneurs fill knowledge gaps and strengthen business acumen."
If you were the boss
More than three quarters (76 percent) of all working adults identify
things that they would do differently if they were in charge of their
workplaces. Forexample, 37 percent would provide more training and
education opportunities for employees, 35 percent would hire
better-qualified employees and 32 percent would create more flexible
work environments, such as offering flex hours or the option to work
from home. Twenty-seven percent say they would rely more on teamwork and
collaboration. The majority of working adults say they would be or are
great bosses, with 85 percent of self-employed adults and 76 percent of
workers who are not self-employed indicating this.
Career stagnancy and being entrepreneurial in your own career
Nearly two-thirds (64 percent) of all working adults say they currently
have limited opportunities within their companies. That said, many
workers also admit that they may need to be more proactive in managing
their own careers. More than half (53 percent) of working adults say
they should be more entrepreneurial in their careers. Notably, even
those well into their careers express an interest in being more
entrepreneurial, specifically 47 percent of those in their 40s, 46
percent of those in their 50s and 43 percent who are 60 or older. Two in
five (40 percent) working adults have not set career goals for
"Being entrepreneurial does not just mean starting your own company; it
is also about approaching your existing career with purpose," added
Bevis. "Do not rely on your employer to manage your career. Setting
career goals, developing a strong personal brand and constantly looking
for ways to grow and tie your responsibilities to the company's bottom
line can help you succeed and feel more engaged in your career."
Bevis offers the following recommendations for individuals who want to
start businesses or be more entrepreneurial in their careers:
Tips for owning your own business
Start with a business idea that not only fulfills specific customer
needs, but has enough market demand. Support your idea through market
research, competitive intelligence and target audience assessment.
Identify your target audiences, understand what motivates them to act
and learn how to grow long-term relationships with your customers.
Create a business plan and use it to set priorities, address gaps and
lay out your growth strategy.
Financial planning can be one of the most challenging aspects for
business owners who are not trained in this area. Consider additional
education or plan for resources to address financial planning and
Develop an organization and management structure so your company is
poised for growth.
Do not operate in a vacuum - network and learn from other successful
The Small Business Administration website offers a variety of business
plan templates at www.sba.gov.
Tips for being more entrepreneurial in your career
Be knowledgeable about your organization, industry and career growth
Think like a marketer. Develop a strategic business plan to grow and
improve your personal brand within your organization. Start with a
mission statement. Other areas to consider include: audience
assessment; Strengths, Weaknesses, Opportunities, Threats (SWOT)
analysis; points of differentiation; promotion strategy; and ongoing
Keep your personal brand current and sustainable by knowing how your
skills and experience fit into the big picture of your organization.
Network and engage with individuals who have diverse experiences.
Identify and engage with a mentor. This individual does not
necessarily have to be in your own company. Find someone who you
admire professionally and whose success mirrors your goals.
Identify and engage with a sponsor in your own company. This person
can champion your success and advocate for your growth within the
University of Phoenix School of Business offers associate, bachelor's,
master's and doctoral degree programs with specializations across a wide
range of business disciplines, including entrepreneurship, marketing,
human resources and finance. For more information about University of
Phoenix School of Business degree programs, visit www.phoenix.edu.
This Working Adult survey was conducted online within the United States
by Harris Poll on behalf of University of Phoenix between July 17-21,
2014, among 1,138 U.S. adults age 18 or older who are full-time,
part-time, or self-employed. For complete survey methodology, including
weighting variables, please contact email@example.com.
About University of Phoenix
University of Phoenix is constantly innovating to help working adults
move efficiently from education to careers in a rapidly changing world.
Flexible schedules, relevant and engaging courses, and interactive
learning can help students more effectively pursue career and personal
aspirations while balancing their busy lives. As a subsidiary of Apollo
Education Group, Inc. (Nasdaq: APOL), University of Phoenix serves a
diverse student population, offering associate, bachelor's, master's and
doctoral degree programs from campuses and learning centers across the
U.S. as well as online throughout the world. For more information, visit www.phoenix.edu.
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