Millennials: The Entrepreneurial Generation
Young individuals consider entrepreneurship as path towards success, but their belief is affected because of economy. The country needs entrepreneurs in getting back on track and the good news is millennials or young Americans aging 18 to 34 years old are considered as entrepreneurial bunch and this is according to recent polls. However, there are some barriers that hold this people back and one of them is the economy.
Young Invincibles in partnership with Bellwether Research and Lake Research Partners and with reliable funding from Kauffman Foundation conducted nationwide landline and cellphone survey. The survey will focus on 872 millenials wherein their thoughts about entrepreneurship, economy and policy solutions will be heard.
Based on a study, 54% of young individuals wanted to start their business or have started one already and 398% of young individuals revealed that they have delayed putting up their business because of the economy. Starting a business is perhaps one of the solutions for unemployment. According to the statistical data presented by Bureau of Labor, the unemployment rate in September 2011 is 17.4% and this rate covers younger individuals aging 16 to 24 years old.
There have been discussions about the percentages of American by gender or by race who wanted to put up their own business. It was found out that 45% of white Americans wanted to start their business, 63% in black American, and 64% in Latino. The percentage of women who wanted to put up their own business is 44% and 57% in men.
The recent poll also aims to determine the time when young Americans wanted to put up their business. About 51% stated that they are going to start their business in the next five years, 36% in more than five years, 11% in the coming year and the remaining 2% is still undecided. Aside from economy, there are still barriers and reasons why individuals cannot start their business.
In the US, young adults find it hard to get started because 8% of them are paying student debt, 9% pay other debts, 9% pay health insurances, 11% are provided with less demands on services and products, and 12% lack motivation and role models. Other barriers include doubting one’s self which is rated 12% and lack of knowledge and skills to start a business and this covers 13% of millennial. About 19% cannot start because they do not know how to run a business and the highest rated barrier is high risks garnering 31% and 41% due to inability of getting credit or loan.
Young Americans believed that the policy solutions will put and to these barriers. These solutions tend to help entrepreneurs start and manage their own business. About 81% of young Americans believed that providing student with loan relief can help them start, 85% approved that increasing the access to capital and loans can provide entrepreneurs the funding that they need and 92% approved that increasing the access to training and education will provide young individuals with the skills and knowledge about business that they actually need.