Updated: Tuesday, November 24th, 2009

Regardless of the turbulent economy, many individuals are embarking on entrepreneurial endeavors, according to a new study from two business schools.

Joint research from Babson College and Baruch College found that small business ventures worldwide increased by 10.8 percent in 2008, from 9.8 percent the year before.

Despite increased fear of failure, entrepreneurs across the globe showed substantial faith in future opportunities in the small business sector.

In fact, a total of 87 percent of respondents said opportunity, rather than necessity, was the driving factor that led them to start their own businesses.

Researchers also noted a shift away from the manufacturing sector, as approximately one-third of small businesses launched last year were customer-oriented or service-driven.

Entrepreneurial activity also rose among women, as the number of small businesses that were started by female owners rose by 1.4 percent.

Regardless of signs of growth, however, the number of individuals who reported they plan to open a business over the next three years has decreased.

Budding entrepreneurs may be able to face economic challenges more effectively after they complete associates, bachelors or masters programs in business.

PayScale.com, a research company, says that average salaries for holders of MBA degrees ranged from $73,510 to $171,583 in 2008, depending on the field, position and years of experience.

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