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How do people perceive entrepreneurship in the US today? I'm not interested in this case in actual rates of business starts, but rather what people (rightly or wrongly) think about current rates of entrepreneurship and innovation.
Hello, and thanks for your question about how people perceive entrepreneurship in the US today? I have found that people in the US look up to entrepreneurs, they aspire to be like them, and the millennial generation are particularly inspired by them. There is a down side however, it is common opinion that although successful in business, entrepreneurs have un-desirable personality traits. Further to this, female entrepreneurs are not always seen in the same light as male ones, evidence shows that they can be less respected. Below you will find a deep dive into my research, along with all the findings as to how I came to this conclusion.
OVERVIEW
Whilst there was a lack of empirical evidence, such as surveys and research etc, which explains how Americans feel about entrepreneurs, I did find a number of varying articles which gave insights into the general opinion the US has for this demographic.
The most useful sources that I found are articles by The Seattle Times, which gives great insights on how the US have come to worship entrepreneurs, and by The Chamber Foundation, which gives interesting information about why millennials in particular look up to entrepreneurs.
FINDINGS
- THE GOOD
Researchers have found that the US has different attitudes towards entrepreneurship than other global regions. They have found that overall people in the US have positive attitudes towards entrepreneurship, and researchers believe that the has the effect of encouraging higher levels of it. European countries, in comparison, have a less positive view on entrepreneurship.
An article published on Virgin.com discusses the impact that entrepreneurs have on various aspects. They claim that entrepreneurs are able to inspire others to be successful, so in an indirect way, entrepreneurs are viewed in a positive light as they are seen as inspirational to many Americans.
An article in The Seattle Times claims that the US public are guilty of "hero worship" when it comes to entrepreneurs. This goes in line with another article which claims that people romanticise about entrepreneurs. The Seattle Times article explains that "Americans have developed an unquestioning faith in the virtue of people who start businesses. Today we venerate entrepreneurs. We worship them. Or maybe we just have a crush on them. We spare them the criticism and skepticism we heap on other vocations." The article also goes on to explain where this all started from. They believe that since the 1980's there has been a celebrity culture evolving when it comes to successful entrepreneurs. Forbes' rich list and famous icons like Sam Walton and Warren Buffet helped to create a new kind of superstar in the eyes of Americans.
Further to this, inc.com have put together an interesting list discussing 9 things common in entrepreneurs that people do not identify with. The list illustrates what people believe about entrepreneurs that sets them apart from everyone else. For instance, they are an innovative group who creates choices, they wish to constantly be learning, and they are supportive of other entrepreneurs.
Finally, Portland is a great example of how US citizens positively perceive current rates of entrepreneurship. Portland has become a hot spot for start-ups, this has influenced people's opinions of the city. Over the past five years opinion has developed, and now this city is regarded as a city defined by entrepreneurship, technology and design talent. This has "helped elevate the brand for Portland and thus made it easier for existing companies to attract the talent they need."
- THE BAD
Another negative side of opinions of entrepreneurship is that it is linked with capitalism. Those who do not support this ideology do not see entrepreneurship in a positive light.
In addition, I found a video on YouTube published by Valuetainment which describes "How Most People View Entrepreneurs". The video identifies all of the negative views being have of entrepreneurs, generally undesirable personality traits. For example they claim that people believe that entrepreneurs are "Crazy", "not realistic", "work too hard", " bi-polar", "too cocky", and "all about the money".
- MILLENNIALS
The American millennial generation is particularly impressed with entrepreneurship. They are a generation who have grown up with entrepreneurs who have "achieved star status", like Mark Zuckerberg of Facebook or Andrew Mason of Groupon. This generation feels inspired by entrepreneurship, they show great interest in becoming business owners themselves because they admire entrepreneurs.
- WOMEN
On one last note, I found some information that would suggest there are some gender differences when it comes to people's perception of entrepreneurship. An article published by Fortune gives an account of one female entrepreneur's experience of being treated poorly because she was a female entrepreneur. She gives examples of comments that she has had made to her that were disrespectful, sexist and derogatory: “It’s so nice when a housewife has an idea”, “What will investors think when they walk into your office and see there are more women than men working here?”, “Can’t your husband just give you a loan?”, “If I had realized you were smart, too, I would have taken a meeting with you earlier”. This suggests that perhaps not all entrepreneurs are viewed in the same positive light.
CONCLUSION
Overall I can conclude that public perception of entrepreneurship is positive. They see entrepreneurs as stars, and are inspired by them. Millennials in particular, who have grown up looking up to people like Mark Zuckerberg, are influenced positively by entrepreneurs. The downside though is that women entrepreneurs are not always viewed in an equally positive light, and many people believe that while entrepreneurs are successful they also have some bad personality traits.
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