Millennials Are An Entrepreneurial Generation

MILLENNIALS: AN ENTREPRENEURIAL GENERATION Young adults see entrepreneurship as path to success but are delaying because of the economy. With the economy struggling to get back on track, the country needs entrepreneurs-the nation's job creators-now more than ever. Fortunately, according to a recent poll, the millennials (young Americans ages 18-34) are an entrepreneurial bunch. A few key barriers are holding them back, especially the economy. Young Invincibles partnered with Lake Research Partners and Bellwether Research, with funding from the Kauffman Foundation, to conduct a nationwide cell phone and landline survey of 872 millennials on their thoughts about the economy and entrepreneur- ship, and potential policy solutions. THE ENTREPRENEURIAL GENERATION 54% of young people either want to start a business or have already started one. 17.4% n September 2011 unemployment rate for 16-24 yr olds * Bureau of Labor Statistics Young Americans who would like to start their own business, by race 38% percent of young adults say they have delayed starting a business because of the economy. 63% 64% Young Americans who would like to start their own business, by gender 45% Men 57% Women 44% White Black Latino WHEN DO YOUNG AMERICANS WANT TO START A BUSINESS? In the next 5 years 51% More than 5 years 36% In the next year Don't know 11% MOST COMMON BARRIERS TO STARTING A BUSINESS 24 8% Being able to pay off student debt %24 9% Paying off other debt 9% Access to health insurance 11% Little demand for product or service provided 12% No real role models to show you the way 12% Overcoming personal doubts you could be successful 13% Not having the skills and knowledge to start 19% Not knowing how to run a business 31% Too much risk Being able to get a loan or credit 41% Across the board, young Americans are enthusiastic about their desire to start their own business, but feel unprepared. Removing the barriers for young entrepreneurs is particularly critical, as the total number of jobs for 18- to 34-year-olds remains 2.5 million below the pre-recession level. POLICY SOLUTIONS TO HELP YOUNG ENTREPRENEURS 81% 85% 92% approve approve approve Providing student loan relief as people start a small business Increasing access to loans & capital so people can get funds to start a business Increasing access to education and training so people have the skills & information they need YOUNG INVINCIBLES November 2011 ToasTHEe. INVINCEBLE www.younginvincibles.org %24