Americans’ appetite for entrepreneurialism might be stronger than you think, particularly with millennials.
According to a new national study by America’s SBDC and The Center for Generational Kinetics, 62 percent of millennials have already thought of a dream business they want to start and nearly half (49 percent) plan to create their own business in the next three years. The study surveyed 1,011 adults across the country ages 21-65 in late March and found enthusiasm for starting small businesses with several lingering barriers in the way.
So, what’s in the way of America’s entrepreneurial potential?
Financial stability comes first: Nearly half (46 percent) of millennials believe they must earn financial stability before starting a business.
They need support: If they had the resources, 41 percent of Americans stated they would quit their jobs and start a business in the next 6 months. Sixty-one percent said that if they knew where to go for help or advice, they would be encouraged to create a small business. Over 13 million millennials cited the top reason keeping them from starting their own business as not knowing where to get help to start or run a business.
Lack of access to start-up capital: Over half of Americans (55 percent) said the most difficult part of starting a business was access to money. Women are even more inclined to feel deterred by accessing money with 63 percent of women citing it as the biggest barrier to starting a business compared to 45 percent of men.
Millennials aren’t the only group excited about small business prospects, NFIB’s most recent Small Business Optimism Index found that April continued a trend of historically high optimism for increasing small business growth. Whether that optimism remains is now largely in the hands of lawmakers in Washington, as the House looks towards tax reform and the Senate works on repealing the Affordable Care Act.