December 2, 2003

Is Latent Entrepreneurialism a Threat to Economy?

Bill Wellborn considers the results of a survey released by FedEx showing that two out of three workers in America would rather own their own business ... and sees the seeds of economic calamity...

The survey said 67 percent - that's two out of every three people for those of you challenged by percentages - dream about owning their own business. And 55 percent - that's every other person you have ever known - would leave their job tomorrow to start a business if a little thing like money were not an issue. I was flabbergasted. I was floored. I was fairly shocked at this revelation.

I wondered what would happen if two out of every three people employed in America suddenly quit their jobs and started their own businesses. The companies they left behind would probably fail because they wouldn't be able to find employees to fill the 67 percent that left. And the start-up businesses would eventually join the 96 percent of new businesses that the Department of Commerce predicts will fail within 10 years. Our economy would collapse, leaving the final opening Wal-Mart will need to take over the free world.

Huh. I wonder what Jeff Cornwall thinks about this.

UPDATE: Well, now I know what Cornwall thinks about the FedEx survey. He also has a link to the FedEx PowerPoint presentation of the survey results, here.

UPDATE: It is interesting to me that, in the FedEx survey, "Become Wealthy" was not the top reason respondents said they had started a business or wanted to start a business. In fact, fewer than one in 10 gave that is their primary reason for starting a business or wanting to start a business - far more said they wanted to "Do Something You Love," "Be Own Boss," and "Have Work/Family Flexibility."