Despite all the challenges that come with running a business, entrepreneurs are still happy in their career choice.
New research has found that 81 percent of entrepreneurs say they would start a business again today if they could even after knowing the challenges that go along with running a successful business. Just 18 percent of current entrepreneurs say they would not pursue their current career path again if they set out on their own.
Those findings are even more telling when considering the reasons why many entrepreneurs went into business in the first place. Thirty percent of respondents say they were forced into entrepreneurship after they lost their previous job.
"Entrepreneurs are entrepreneurs," saidSande Golgart, regional vice president at Regus, which conducted the research. "Regardless of the outcome of their business, entrepreneurship is something that is in their blood. When the economy goes down, those opportunities are either forced upon them, meaning they don’t have a job and it is the right time to take off on their own, or it is the right time to launch their next venture because the time is right and the costs and barriers to entry are low."
Despite the optimism entrepreneurs have about their own businesses, entrepreneurs are realistic about the entrepreneurial efforts of others looking to branch out on their own. Eighty percent of respondents say that lacking access to credit is a top concern for many aspiring entrepreneurs. Entrepreneurs also say that red tape and the current economic situation are also top deterrents for aspiring entrepreneurs.
"It is definitely advantageous for them to see someone get through the red tape or find a way against big companies that are their competition," Golgart said. "All entrepreneurs believe that is their duty to navigate through those challenges and find a way to be successful."
Current entrepreneurs also say that government support and competition from larger companies are also deterrents for people to start their own business. Even with those challenges, determined entrepreneurs can take a number of simple steps to increase their chances of business success.
The research was based on the responses of 26,000 respondents from 90 countries around the world.