Researchers at Babson and Baruch Colleges count 24 million American Entrepreneurs – among the highest level in the developed world; job creation and optimism rise; fear of failure declines Twenty-four million U.S. entrepreneurs, or 14 percent of the population, are invigorating the American economy according to the 2014 Global Entrepreneurship Monitor (GEM) U.S. Report issued today by Babson College and Baruch College. This is the highest rate ever recorded in the United States.
Job creation outlook rose eight percentage points from 2013, with 24 percent of U.S. entrepreneurs projecting to hire 20 or more people in the next five years. Optimism about entrepreneurship is stronger than ever as more than half the U.S. population (51 percent) reported seeing good opportunities for starting businesses.
Fear of failure, which measures one’s willingness to take risks in starting a business, decreased to 30 percent from a high of 32 percent in 2012.
“The results show a high level of current activity accompanied with high optimism about the future,” commented Babson College Professor of Entrepreneurship Donna Kelley, the GEM Report’s lead author. “Entrepreneurial growth depends on people who see opportunities and have intentions to get started. The greater optimism we see in the U.S. signals high support for entrepreneurs, and the increase in job ambitions clearly indicates the potential for entrepreneurship to make major contributions to the U.S. economy.”