Today, Young Invincibles and the Kauffman Foundation released the results of a poll of young Americans and their entrepreneurial ambitions. The survey, conducted by Lake Research Partners and Bellwether-Research, reveals a striking interest among Millennials in starting businesses: 54% of young people either have already started a business, or would like to at some point in the future.
Young Americans aged 18-34 are struggling with unemployment during these tough economic times; however in an economy that is not creating jobs for young people, they are increasingly looking to create their own. Young people from communities of color, hit hardest by the Recession, are particularly enthusiastic about starting a new business: 64% of young Latinos and 63% of young African-Americans would like to start their own business.
Despite this affinity toward entrepreneurship, many factors, particularly the current economic situation, are barriers to young Americans’ ability to start a business. 38% of young adults say they have delayed starting a business because of the economy. Getting a line of credit and feeling unprepared are examples of barriers to these young Americans pursuing their entrepreneurial dreams. As a result, young Americans support ideas that allow them to pursue their goals of starting new businesses like student loan forgiveness and increase access to capital. 65% of young people think that Congress should prioritize making it easier to start a business. The survey showed strong support for the following policies:
- 83% of young people think that Congress should, at the very least, make it easier to access loans to get started.
- 81% support providing student loan relief as people start a business
- 92% support increasing access to entrepreneurship education
The poll results demonstrate that young Americans possess an extraordinary amount of potential to create the jobs our country needs, both in high and low-tech industries, but are looking for leadership from Congress to remove barriers and help make those entrepreneurial dreams a reality.
Visit www.YouthEntrepreneurshipAct.com to check out some policy proposals put forth by Young Invincibles and Young Entrepreneurship Council to help young people start businesses.