Entrepreneurship has always been linked to the American dream — freedom, self-sufficiency, and being rewarded for hard work and ingenuity. In addition, many people start a business in hopes of getting rich. A Google search for “how to get rich small business” turns up a gargantuan 19 million results!
Clearly, there are a lot of opinions about precisely how to get rich by building a small business. We’re not going to outline all of these now (although, we highly recommend using small business software to attract and retain more customers!). Instead, we’re going to tell you what American entrepreneurs ultimately want out of the businesses they create.
Recently, Womply polled nearly 3,000 small business owners in all 50 states, and we asked about their expectations for their business. Here are a few key takeaways:
Lifestyle businesses: Nearly two-thirds (65%) of American small business owners are satisfied with their current lifestyle. This suggests that many entrepreneurs don’t get into business to get rich, considering very few small business owners make six-figure personal incomes.
Thinking small: The same number (65%) say they’ve always wanted to be an entrepreneur. These true-blue entrepreneurs are motivated by more than money — it’s also about building something and being your own boss.
Show me the money: About one-third (31%) of small business owners expect their business to make them wealthy. That might not seem like a lot as a percentage, but it’s a huge raw number considering the U.S. boasts 28 million small businesses.
Turns out, small business owners are more likely to have high wealth expectations based on where they live and work. According to our survey, the states with the highest number of would-be high rollers are New Jersey (56% expect to get rich), Iowa (53%), North Dakota (50%), Nevada (50%), and Wyoming (50%).
Which states have the lowest expectations of getting rich and famous off their small business? Kentucky bottoms out the list with 14% expecting a wealthy outcome, followed by Vermont (17%), Ohio (17%), Alaska (17%) and South Carolina (18%).
How many small business owners in your state think their company will make them wealthy beyond their wildest dreams? Check out our full ranking below.