Infographic: Millennials Are An Entrepreneurial Generation : Under30CEO Infographic: Millennials Are An Entrepreneurial Generation : Under30CEO
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Infographic: Millennials Are An Entrepreneurial Generation

| November 15, 2011 | 11 Comments

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?

About the Author: Jared O'Toole

Co-founder and editor of Under30Media. You can send an email to Jared(at)Under30CEO.com. Follow him on Google+ or @JaredOToole

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Category: Startup Advice

  • http://under30ceo.com MattWilsontv

    I love the infographic, but think that many of these barriers could be easily defeated by someone who wants it bad enough…

    1.) Little demand for your product or service? Then you don’t have a good business… come up with a good idea.  That’s the easy part, it’s execution that is hard.
    2.) No role models?  There are millions of people who have made millions of dollars.  Contact them!
    3.) Self doubt? Finding a mentor will help this, but you can’t be worried about failure, every entrepreneur is going to experiences highs, lows and self doubt.
    4.) Not having the skills or knowledge to start?  I might be a little biased, but start with this website, intern with a startup and start small.
    5.) Not knowing how? See #4.

    Not everyone is an entrepreneur, but the right person can certainly overcome these fears.

  • Anonymous

    I agree with Matt about wanting it bad enough to go out and educate yourself or find a suitable mentor.  It’s interesting to look at, as I’ve heard from older entrepreneurs that one of their top barriers to entry was lack of sales & marketing expertise.  While that could fall unders “skills & expertise”, it seems with the younger group the financial and confidence issues are much more prevalent.

  • http://www.i95dev.com Henry Louis

    Yes. As you mentioned above, entrepreneurs are job creators and we need more of them. Thanks for sharing this good news.

  • http://cruzhouse.blogspot.com Louis

    I agree with you. Many of these barriers are overcome by the true entrepreneur. 

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  • Scaracom

    i see the next bubble

  • Cody Lettau

    Interesting graphic…seems to be quite true! I can’t believe young individuals fear the amount of risk with starting a new business the second most! I feel that attempting to start a business while you’re young is the best time to do so.

    PS – Would love input on my new project, http://www.SpoGo.co. A website that allows you to search the web, while a donation is generated for charity for using the website.

  • http://smashmoney.com Aaron W.

    It is good to see that so many young people have goals to start a business. But as many other people have said, many of these obstacles can be overcome. For me personally, my biggest obstacle is $40K in student debt. But I can overcome it. I simply wrote down the skills I have available to me, and began thinking up ways I can use those skills to create income. Within a few hours I had over 30 ideas. Some were absurd, but it got the creative juices flowing, and I arrived at a few solid ideas to work with. From there, it is just hard work. If you want it enough and are willing to put in the blood, sweat, and tears, you can get it.

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