We are always hearing about today’s generation as being entrepreneurial but are they really? Yes, according to a recent survey conducted by the Young Invincibles in conjunction with Lake Research Partners and Bellwether Research and funded by the Ewing Marion Kauffman Foundation. This is great news for the economy because entrepreneurs are job creators and we need more of them!
However that same economy that is dependent on entrepreneurs creating jobs is apparently holding back young entrepreneurs from starting businesses. According to the survey 38% of potential young entrepreneurs are holding off their ventures until the economy improves.
The poll also notes specific barriers to entry such as access to loans & credit, to much risk and lack of business knowledge as the top three. Millennial’s are very supportive of policies to tackle these barriers but want more. They feel under-prepared and would like to see even more action from the govt. to remove these obstacles.
So while the mindset is there how can we get these ambitious young adults to make the leap?