Entrepreneurs Thrive During Hard Times According to Babson/Baruch U.S. GEM Report

Entrepreneurial activity shows positive signs during these hard times, according to the Global Entrepreneurship Monitor (GEM) 2008 National Entrepreneurial Assessment for the United States of America, produced by Babson College and Baruch College. To view the report, visit www.gemconsortium.org. * Entrepreneurship Increases: Total entrepreneurial activity (TEA) increased to 10.8% in 2008 from 9.6% in 2007. * Opportunity Obsessed: Opportunity continues to be the main driver for entrepreneurs in the United States - 87% started their businesses because of a business opportunity while only 13% started their businesses out of necessity. * Early-Stage Entrepreneurs: The United States continues to be at or near the top of the world's innovation-driven economies in terms of early-stage entrepreneurial activities. * Substantial Perceived Opportunity: Perceived opportunity is substantial despite a greater fear of failure. This fear of failure has increased appreciably in the U.S. and in the other GEM countries. Perceived opportunity has declined in the U.S. and in the other innovation-driven countries. It is important to note, however, that the decrease in perceived opportunity is only off its high levels of 2007. Thus, perceived opportunity is still substantial despite a greater fear of failure. This contrasts with the marked decrease across the board in GEM countries for individuals who expect to start a business in the next three years. Full release.