Although the “American Dream” is still alive, 31% of small company owners believe that it needs to alter. According to a recent survey of 1,000 small company owners, many of them believe that elements of the classic American Dream, including owning a home and car (37%) and trusting in the open market economy (31%), are relics of the past.
As part of the “new” American dream that 71% feel is attainable via commitment, risk-taking, and hard effort, participants are now concentrating on ensuring the success of their enterprises.
The evolving American Dream
Approximately 2 in three (65%) respondents to the survey, sponsored by the international small company platform Xero and carried out by OnePoll, say they now believe they are enjoying the American dream. However, 72% of respondents believe that having a “personal” American dream and a goal for their firm are two different things.
Getting self-made (32%) and caring for one’s family (30%) are important aspects of many people’s life plans. However, 38% of participants think owning one’s enterprise is a component of their particular American dream. Though it takes a lot of time, 46% of entrepreneurs say they require are four- to five-year strategy to accomplish their objectives.
Most Americans want to invest in their future
When questioned about what they could prioritize first, 23% would like to make sure they are investing for their future, 16% want to advocate for a worthy cause, and 14% would like to put their family’s destiny first.
According to Ben Richmond, U.S. national manager at Xero, small companies are the motor of the US economy, and it’s no wonder that there is a change in how entrepreneurs interpret the American dream. Business owners are changing the definition of what it implies to be a self-made businessman, and their goals for their company are intimately related to their new interpretation of the American dream. The overwhelming majority of entrepreneurs (86%) claim that their enterprises play a significant role in realizing the wider American dream.
