Americans: Entrepreneurs the Answer to Economic Woes

Americans see entrepreneurship as the answer to the current financial crisis, a new survey from the Ewing Marion Kauffman Foundation finds. Still, a majority hesitates to become entrepreneurs themselves because of worries about the economy.

Conducted last weekend, the phone survey found that more than 70 percent of voters believe the health of the economy depends on the success of entrepreneurs, while 80 percent want to see the government use its resources to actively encourage entrepreneurship. "Americans in big numbers are looking to entrepreneurs to rally the economy," observed Kauffman Foundation President and CEO Carl Schramm after reviewing the survey results.

Although Americans appear to be confident in entrepreneurs' abilities, they are reluctant to start their own companies, with 71 percent of survey respondents saying the economic crisis has made it more difficult to become an entrepreneur. Despite findings that 49 percent of respondents see opportunities for entrepreneurial undertakings in the current economy, only 26 percent would actually consider starting a business in the next five years.

The survey also found that 26 percent believe the impact of the financial crisis will be "very bad" or "devastating" for them, while 34 percent said it will be "pretty bad" for them personally. 64 percent think that Main Street will suffer the most severe consequences from the situation, with only 16 percent saying Wall Street will be hardest hit.

By a two-to-one margin, Americans are looking to business leaders rather than the government to lead the way out of the economic mess. "History has repeatedly demonstrated that new companies and entrepreneurship are the way to bolster a flagging economy," said Schramm. "The American people understand this."