7 Trends in Entrepreneurship | 2023 Small Biz Survey

1. 78% of Americans Want To Be Their Own Boss

It's a common refrain — the desire to work for oneself and build a future on one's own terms is the dream for many, and Incfile's report confirmed it. But despite the widespread aspiration, most need to learn how to turn that dream into reality.

For example, 78% of non-business owners say they've entertained the idea of entrepreneurship but need help knowing where to start. A significantly small number (22%) say starting a business has never crossed their minds.

2. Americans Know They Have the Grit To Be Entrepreneurs

Another major entrepreneurial trend? Confident future entrepreneurs, as 65% of Americans believe they've got an entrepreneurial mindset and are ready to leap.

Conversely, 18% aren't sure they are cut out for the risk. Relatively few think they don't have the business savvy to succeed (10%) or the ambition and drive (7%).

3. 68% Already Have a Side Hustle

When the going gets tough, the tough get going — and that spirit holds true no matter if you already own a business or not.

More than two-thirds of those polled, 68%, say they have one or more side hustles to bring in extra income. Perhaps with the proper support, many of these hustles could bloom into thriving small businesses.

Less than one-third of those polled (32%) do not supplement their income with a side hustle.

4. 47% of Americans Have a Business Idea Ready To Go

Ideas for new businesses are constantly being born. In our annual survey of entrepreneurs, nearly half of those surveyed, 47%, have had multiple business ideas, while 27% have had just one.

And for that 26% who never had an idea for a business, it may just be a matter of time before inspiration strikes.

5. Being the Boss Outweighs Pay

Entrepreneurs are typically fueled by passion, but for those who are not business owners, the desire to work for themselves may motivate them to become entrepreneurs. In fact, a whopping 90% of people prefer to be their own boss.

When we dug deeper and asked about income, 62% would prefer to be their own boss while maintaining their current salary. The remaining 38% would choose to keep their day job with double the salary. Women were more likely to prioritize the stability of their current job at double compensation.

6. Funding is a Major Blocker

Starting a business can come with many roadblocks, but it's no shocker that money is the biggest hurdle. Most aspiring entrepreneurs (50%) cite the lack of funding as a reason for not starting a business.

Other causes include not knowing where to begin (25%), feeling that owning a business involves too much risk (16%), and not having any support (9%).

Despite these challenges, many still believe anyone can be an entrepreneur with drive and passion — 72% say anyone with those qualities can start a business, and the minority (28%) say passion alone is not enough.

7. Lack of Career Satisfaction Leads to Entrepreneurship

Quiet quitting and general job unhappiness may be responsible for a surge in entrepreneurship and startups throughout 2023. With less than a quarter of respondents feeling very satisfied in their current career path, many will likely pursue the dream of being their own boss. The number of those moderately satisfied jumped to 47%, followed by moderately unsatisfied (19%) and very unsatisfied (12%).