Great Resignation Underway: Record Percentage of Aspiring Business Owners are Leaving Full-Time Jobs

NORFOLK, VIRGINIA — November 3, 2022 –Over two-thirds (66.2%) of entrepreneurs who agree or strongly agree that “now is a good time to start a business” in October 2021, down from September’s high at 73.4%. Aspiring owners who anticipate starting their businesses in the “next month”  dropped to 16.2% in October 2021, in contrast to the record 36.1% seen in the prior month. 

But one of the most remarkable findings was that 58.6% of the respondents plan to leave full-time jobs. This is the highest percentage since 59.1% in January 2020.

The most recent Startup Sentiment Index™ survey was conducted October 21-27, 2021, as US financial markets recovered to new highs, concerns about the Delta Covid faded, Congress stood at impasse over multi-trillion-dollar legislation, and key elections were just days away.

Additional highlights:

• Future business conditions: 32.5% of respondents believe that in three months, business conditions will be “better” or “much better” than now, down from 46.5% in September. About 50.6% see conditions “about the same” in three months.
• Access to funding: The percentage of entrepreneurs concerned about finding  adequate funding increased, with those seeing funding “harder or much harder” to obtain at 33.8%, up from 23.8% in September.
• Demographics: In October, 58.6% of respondents were currently employed full-time, and 20% were current business owners. Gen-X (49.4%) and Gen-Y (28.6%) are the largest age cohorts, while “Baby Boomers” follow at 20.1% of respondents.

Download a copy of the October 2021 SSI report here. See excerpts from prior SSI™ surveys and subscribe to receive the Small Business Startup Sentiment Index™ monthly report when it is released.

The Small Business Startup Sentiment Index™ is based on a monthly survey of individuals who have recently inquired about businesses or franchises for sale on the digital assets of FranchiseVentures.

Franchise Ventures is the leading franchise lead-generation platform for potential franchisees to thousands of growing franchise systems in the United States and Canada. Its franchise lead generation brands include Franchise.com, Franchise Solutions, Franchise Gator, Franchise Opportunities, Franchise For Sale, SmallBusinessStartup.com and BusinessBroker.net, and together they provide the largest aggregation of prospective franchise buyers in the U.S.

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Published on Wednesday, November 3rd, 2021.