Small Biz Watch: Small biz, big dreams
What kind of plans do you have for your small business? Satisfied with a home-based operation run out of your den? Or do you envision a much larger outfit? Compared with counterparts around the world, U.S. entrepreneurs are much more likely to think big.
Some 14 percent of American new business owners expect to employ at least 20 workers within five years, according to a survey of 35,000 business owners in 44 countries conducted by the Global Entrepreneurship Monitor consortium. [The full survey is at www.gemconsortium.org] That compares with 10 percent for the survey group as a whole. In addition, a survey of 400,000 people who don't own businesses found that Americans are more likely than other nationalities to consider starting a small business that would employ more than 20 workers in five years. According to the survey, about 1.6 percent of Americans fall into that category vs. 0.7 percent for adults in the United Kingdom and Germany—the two second-place finishers.
Another recent study looked at countries providing the best access to capital for people looking to start a business. Right now the United Kingdom is on top for the first time, according to the Milken Institute's capital access index. Hong Kong, No. 1 a year ago, slid to second this year, followed by Singapore and the United States. Last year, the United States came in sixth. The index ranks nations on more than 50 measures, from the strength of their banking systems to diversity and efficiency of financial markets to general economic conditions. The top-10 countries (with 2004 rankings):
- United Kingdom (3)
- Hong Kong (1)
- Singapore (2)
- United States (6)
- Sweden (4)
- Denmark (9)
- Australia (7)
- Norway (13)
- Finland (5)
- tie–Canada (10) and Ireland (11)