Entrepreneurship is calling. It's time to answer

Somewhere in the world, at this very second, someone is taking the leap. They’re pushing aside self doubt and the risk of failure to start their own business. At the same moment, someone else hesitates. They put their dreams on hold for yet another day.

What separates these two aspiring entrepreneurs isn’t planning or ambition or even ability. The reality is fear often creeps in—that voice that says, “You’re not ready.” 

Globally, around six in 10* adults say they’d rather be their own boss than work for someone else, yet in the U.S. only 13% have thought seriously about starting a business. The inner saboteur is a powerful one.

To this voice, we respond, “You’re ready.” In fact, it’s never been a better time to become an entrepreneur. Technology, forced forward by a world under lockdown, has become more powerful and intuitive. A fast-moving trend cycle means there’s opportunity at every turn. And funding options and support have never been so accessible. 

Finding your life’s work

Entrepreneurs are sometimes created out of hardship, job loss, or lack of opportunity—adversity is a powerful catalyst for innovation. More often, they are born from a desire to create a life on their own terms.

For generations before, entrepreneurship was a lifeline—small businesses popped up to provide for families when jobs were scarce. Today, the “why” for business ownership has changed. Almost a third* of founders started a business to pursue a passion and 19% did so to make a positive change in the world. 

When they do take the leap, they’re thriving. In 2023, on average, new businesses on Shopify made their first sale 10.3% faster than they did just two years prior. And 50%** of Shopify merchants experienced positive revenue growth—an average of 600%—between their first and second years on the platform.

These intrepid founders are living proof that now is the time to chase your big dream.

There’s meaning in the struggle

We won’t sugarcoat it, though. Entrepreneurship is hard. It’s risky, unpredictable, and sometimes lonely. But what does it cost to not take the leap? Consider the impact on quality of life, health, and happiness.

More and more, people turn to entrepreneurship to achieve their life goals. To find meaning in their work. To leave hustle culture behind and build better lives for themselves and their families—despite the struggle.

Women are in search of more flexible work schedules with 52% pursuing entrepreneurship for this reason (vs. 38% of men*). And in the U.S., 90% of Hispanic people and 83% of Black people are motivated to generate wealth through entrepreneurship.

For Gen Z, the push toward entrepreneurship is even stronger. This cohort is emerging outspoken in their rejection of the corporate grind. For this reason, 93% say they have taken steps to explore business ownership.

Launching bravely into the unknown 

While the motivations for seeking ownership are noble, they’re often trumped by the “what ifs.” Fear of financial failure is one of the top barriers to starting a business, with 73%* of adults saying they’d accept little to no financial risk to become their own boss. 

The reality is that many entrepreneurs get their start with almost no start up capital. Our data shows 53%** of founders reported they used less than $5,000 to establish their businesses.

More grants and financing are becoming available to small businesses, too including funding specifically for women and BIPOC business owners. For Shopify merchants, more than $5.1 billion in funding has been distributed through Shopify Capital since 2016.

Take the first step toward your future

Trends moving at a breakneck speed mean opportunities for new ideas present themselves every day. To keep pace with these trends, we’ve launched tools and features founders need to get to market, find audiences, and run their businesses more efficiently. 

Despite signals that would-be founders are holding back, promising data* reveals 41% of Americans aim to start their own business by the end of 2025. Globally, that number jumps to 57%. And the world needs them. Entrepreneurs boost local economies, create jobs, and lead innovation. The world is ready for their ideas.

We must democratize entrepreneurship, making it an accessible and viable path for anyone with a vision. We must empower the bold, creative minds who will design the future and leave a legacy for the next generation.

To the doers and the makers, the inventors and the trendsetters, we’re cheering for you. As you reach for independence, Shopify is beside you pushing entrepreneurship forward.

This is your time. This is the era of entrepreneurship. 

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*Shopify partnered with Gallup and Censuswide to conduct separate, related surveys inside and outside the U.S., respectively.

Results for the Gallup entrepreneur poll are based on responses from a survey of 46,993 U.S. adults (18+ years old) conducted online May 1-14, 2024. All participants are members of Gallup’s probability-based, nationally representative panel. 

Results for the Censuswide data based on responses from two online samples; among 14,047 general consumers (including 1,767 business owners) and 1,428 business owners conducted May 8-13, 2024. Participants are all adults in the UK, Canada, Australia, France, Italy, Germany, and Spain.

**The RAND survey data includes responses from a representative sample of 4,000 Shopify merchants who are active on the platform.