Abstract
Small island economies with populations of less than one million, typically have limited export volumes with a narrow range of products and rely heavily on imported goods, which often translates into a high cost of living for residents. The island of Guam, an unincorporated territory of the United States, is the largest and most populous island in the western Pacific region of Micronesia with an estimated population of 154,000. Guam experienced some growth in small business development over the past decade but still faces high levels of imports and leakage. One of the strategies often implemented to reduce imports and capitalize on the multiplier effect is to encourage entrepreneurship and the development of local businesses. Entrepreneurship is also generally acknowledged and accepted as a driving force for improving living standards. Many areas related to startups are understudied in small island communities like Guam. A survey of entrepreneurs on the island of Guam was conducted in 2022 to identify the demographic characteristics of the island’s entrepreneurial community. This paper contributes to the understanding of Guam’s entrepreneurs and provides recommendations for educational and support programs targeting current and potential entrepreneurs to encourage startup ideas and economic improvement for the quality of life of island residents.
