Survey Shows Entrepreneurial Aspirations

[Steve]

Survey Shows Entrepreneurial Aspirations
Got the entrepreneurial bug? You're not alone. A new Yahoo! Small Business survey (http://smallbusiness.yahoo.com/) conducted with Harris Interactive has taken the entrepreneurial temperature of the general population. It shows that 66 percent of American adults have considered starting their own business. That's down a little from 72 percent of last year.

When it comes to the web, 72 percent of adults that go online say that the internet has made it easier to start a business and 92 percent believe that it's important for a new small business to have a web presence. The survey also shows what motivates people to start their own business. Only three percent said that it is to get rich; 31 percent said that it was to do work that they really love; and 22 percent want to be their own boss.

I do wonder though how many people actually get a business started? I would think the number would be pretty small.

[kc2006]

Alot of people want to start their own business, and as the poll showed, it's not to get rich. Almost every one of my friends want to start a business. They're all late 20's early 30's, and seeing that you have to control your financial future, you can't rely on social security anymore. I started my business because I love the work and I like having control (for the most part) over my financial future.

But as you pointed out, most don't start the business, I only know of one friend that actually started a business and he already owned a business prior so it wasn't a big jump for him. I think start up costs is the big thing that holds people back.

[Steve]

What kind of business did he own and what is he into now?

[kc2006]

He owns a prosthetics company (he's different by actually making the whole prosthetic in house, most places just order a generic one). He started up a speed shop and it seems to be doing well, they cater to one group of vehicles only and I think that's what's making it work.

[Steve]

WOW! That is quite a difference!

Do you know what got him into each of these fields?

[kc2006]

Yep, we talked about this way back. He worked part time at a very reputable prosthetics place here when he was in high school, started working there full time after high school and went on his own I think 8 or 9 years later. No college degree yet he's making very good money in the field.

The speed shop happend because he's into cars, a friend of his wanted to do it and I guess he saw the window of opertunity so he did it. Like I said they cater to one style engine, the ford "mod" motors. So far they're doing good, he has a 2004 mustang that they tore apart and is basicly a full out drag car now. The funny thing is, we have Summit racing about 35 minutes from here, the worlds largest mail order company, so you'd think it would never work, but I think specializing is what's doing it for them.

[Steve]

I think that is fascinating.

What do you think of your friend's business skills? Do you see bigger things coming from his shop or do you think he is comfortable with it's current size?

What would you have done differently?