Entrepreneurs are a self-confident lot, as a rule. But America's booming economy, the opportunity of the Internet, and IPO mania may be fueling a sense of unabashed entrepreneurial optimism.

According to a recent study commissioned by Wells Fargo and the National Federation of Independent Business (NFIB), more than a quarter (27%) of the owners of 1997's 3.6 million startups believed they would grow their fledgling companies into the next Microsoft. Meanwhile, roughly one-third aspired to build their companies up enough to support their families. Three out of five surveyed business owners, then, had either "aggressive" (to become a large business) or "mainstream" (to make a decent living) ambitions. Meanwhile, 32% viewed their new ventures as only secondary or supplemental sources of income.

Are entrepreneurs being blinded by the good times? Perhaps. "Even though only 3% to 5% of businesses in the U.S. are termed 'growth firms,' a large proportion of Americans launch businesses with every intention of joining that select group," says NFIB Senior Research Fellow William J. Dennis.

Moreover, the optimism cuts across all demographic groups. There is no significant evidence, the study concludes, to suggest that growth aspirations are in any way tied to demographic makeup. Rather, they are evenly distributed among all types of people and businesses. The findings are based on data collected from 620 Americans who either launched or bought a business in 1997.

The unsolved mystery: why only a small percentage of entrepreneurs are actually able to convert their high-growth dreams into reality. Researchers are still trying to figure out just how much of an effect the intangibles beyond the immediate control of a business owner -- such as damaging public-policy decisions -- have on the fate of an individual entrepreneur.

The American Dream, however, is alive and kicking. Says Dennis: "The tendency to 'dream big' cuts across all categories of race, gender, education, or household income." It also seems to be a prerequisite for today's small-business owners.

By Nadav Enbar in New York
nadav_enbar@businessweek.com