More than half of employees want to flex their entrepreneurial muscles and be their own boss but most won’t quit their job to go it alone, employment specialist Randstad has found.
As being your own boss provides more opportunities, 53% of employees would love to become an entrepreneur, according to the latest Randstad Workmonitor survey.
People often think that being their own boss would be the ultimate goal but when it comes to taking the plunge, a lot seem hesitant. Those that want to become the next Lord Sugar or Deborah Meaden think the risk of failure is too big with 57% of the global respondents fearing the ‘f word’.
When can I see them on Dragon’s Den?
Chances are they won’t. Younger respondents and men are more afraid to fail than older respondents and women. Only half of women between the ages of 45 and 55 who wanted to be an entrepreneur feared failure. Despite the impressive annual list of Forbes 30 under 30 young people aged 25 to 35 are hesitant to start their own business.
Will my employee leave me any day soon?
The good news for employers is that almost half of employees will wait until they no longer had a job before taking along the entrepreneurial path. Redundancy, maternity leave, early retirement or the ending of contracts could be an entrepreneurial trigger with 47% considering starting their own business if they lost their job.
Where’s best to be an entrepreneur?
Anywhere really. Of the global respondents 56% feel the country they live in is a good place to run a startup and half believe that the government in their country actively supports new startups. Overall, 75% agree that due to globalisation, small businesses have a hard time surviving.
Startups - the hipster hangout
With some world famous brands now dominating the most successful lists it is hard to remember a time when they were small startups tucked away on industrial estates and in university dorms before making it on the stock exchange. So it is no surprise that 50% of people would like to work for a startup and 65% of 18 to 24 year olds wanting to work in one.
Although those who start their careers in a startup are often surprised at how unglamorous and hard work this can be.
Size matters, well to some anyway
Of the global respondents, 64% prefer to work for a small or medium-sized enterprise or a privately-managed company whereas just over half, 55%, prefer to work for a multinational. This is good news for the SME as employees feel the benefit of the freedom of working for a startup as well as benefit from the stability and benefits offered by a corporate.
How can I keep a wannabe entrepreneur in the workplace?
Before your employee utters the words ‘I’m out’ consider how entrepreneurial spirit can be harnessed in the workplace. More companies are taking this idea on board, seeing it as a way of making use of employee talent and giving them the freedom to experiment without the need to leave the organisation. Get this right and for employees it allows them freedom to be innovative and feel they work for themselves in a new startup, but without the risk element of going it alone.
Don’t suppress those out of the box thinkers
As creativity is arguably suppressed throughout education, don’t be the manager that suppresses the entrepreneurial spirit. As Ruth Jacobs, Managing Director of Randstad Business Solutions says, “Embrace the people in your business who are the ideas people. If managers look around they can see examples in all functions of the business, not just in the obvious areas of marketing and sales. Employees with entrepreneurial spirit can be found in departments from IT to facilities. Encouraged properly these risk takers and creative thinkers will identify opportunities and make money for your organisation.”