A Study About Entrepreneurial Spirit

Prepared for Martindale-Hubbell by Harris Interactive

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Background and Methodology

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Harris Interactive conducted an omnibus study on behalf of Lawyers.com. A regionally representative sample of 1,014 Americans age 18 or older were interviewed by telephone using an unrestricted Random Digit Dialing (RDD) technique that significantly reduces serial bias and ensures that respondents with both listed and unlisted numbers are reached. Only one interview was conducted per household.

Interviews were conducted July 5, 2002 to July 8, 2002.

To ensure a reliable and accurate representation of the total national adult population, completed interviews were weighted to known proportions for age, gender, geographic region, and race. The margin of error for the total sample is +/-3.1%.

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Summary of Findings

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Business ownership is a dream for many Americans -- and reasons for dreaming of business ownership vary.

• One-half (47%) of Americans who do not currently own their own business have dreamed of starting their own business.
• The most frequently cited reasons for dreaming of owning a business include the opportunity to be your own boss (82%), the freedom to be creative (76%), and the chance to make more money (75%).
• One out of three (32%) Americans say that they would most want to have Bill Gates' career.

Americans believe that a knowledge of the law is essential to developing a successful business.

• One out of three (35%) Americans who do not dream of business ownership say that the legal issues involved in starting a business are too complicated to navigate.
• At least half of Americans who do not own their own business believe that consulting a lawyer is appropriate at all stages of developing a self-owned business.

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Business Ownership

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Most Americans work for someone else. Just one in five (18%) Americans currently owns their own business.

• Do you currently own your own business?
  • Yes 18%
  • No 82%

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Aspirations for Business Ownership

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Americans aspire to own their own business. One-half (47%) of Americans who do not currently own their own business have dreamed of starting their own business.

• Have you ever dreamed of starting your own business?
  • Yes 47%
  • No 53%

Americans cite a variety of reasons for dreaming of business ownership. The most frequently cited reasons for dreaming of owning a business include the opportunity to be your own boss (82%), and the freedom to be creative (76%), increased lifestyle flexibility (75%).

• Which of the following reasons describe why you have dreamed of owning your own business?
  • I want to be my own boss 82%
  • I want the freedom to be creative 76%
  • I want a chance to make more money 75%
  • I want increased flexibility in my lifestyle 74%
  • I have a great idea for a business 51%
  • I have lost my job or taken a pay cut due to the slow economy 17%
  • Other 2%
  • Don't know 2%

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Reasons For Not Wanting To Own Business

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Americans who do not dream of owning a business crave stability. Three in five (63%) Americans who do not want to own their own business prefer the stability of regular employment. One out of three (35%) believes business ownership requires difficult legal issues.

• Which of the following reasons describe why you would not want to own your own business?
  • I prefer the stability of regular employment 63%
  • There is too much financial risk 51%
  • I would have increased responsibility 42%
  • I wouldn't know how to start a business 20%
  • Business owners work long hours 39%
  • The legal issues involved are too difficult to navigate 35%
  • I don't have any ideas for a business 25%
  • Other 11%
  • Don't know 5%

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When You Need A Lawyer

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Most Americans recognize that an attorney consultation is appropriate when developing a succession plan (82%) or incorporating (80%), fewer believe that one should consult a lawyer in the early stages of a business such as when you first have an idea (54%) or when trying to raise funds (51%).

• During the course of launching and running a business, at which of the following points do you think you should consult a lawyer?
  • When you are trying to sell the business or pass the business onto the next generation 82%
  • When you are incorporating the company 80%
  • When you are applying for a license or trademarking your brand 75%
  • When you have employee concerns 68%
  • When you are trying to expand or grow your business 60%
  • When you are trying to raise money for the business 54%
  • When you first have an idea for a business 51%
  • When you are trying to determine your correct business type 45%
  • None of these 2%
  • Don't know 3%

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Entrepreneur Envy

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Bill Gates is America's Most Wanted Entrepreneur. One out of three (32%) Americans say that they would most want to have Bill Gates' career.

• Of the following entrepreneurs, whose career would you most like to have?
  • Bill Gates, founder of Microsoft Corporation 32%
  • Oprah Winfrey, founder of Harpo Inc. 15%
  • Ben Cohen & Jerry Greenfield, founders of Ben & Jerry's Ice Cream 15%
  • Martha Stewart, founder of Martha Stewart Living Omnimedia 8%
  • Ralph Lauren, founder of Polo and Ralph Lauren 6%
  • Debbie Fields, founder of Mrs. Fields Cookies 4%
  • Jeff Bezos, founder of Amazon.com 4%
  • Sean "P. Diddy" Combs, founder of Bad Boy Records 4%
  • Other 1%
  • Don't know 9%

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Dream Business

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Americans dream of serving their clients. One out of four (25%) Americans say that their dream business would be in the client services industry. One in five (21%) dream of owning a retail sales business.

• Please describe for me what your dream business would be.
  • Client Services 25%
  • Retail sales 21%
  • Restaurant/food service 10%
  • Construction/Contracting 3%
  • Other 11%
  • None 14%
  • Don't know 12%