Youth Entrepreneurship Study - by BMG and YEC
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+ Youth Entrepreneursh ip Study Presented by Buzz Marketing Group
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In January 2011, Buzz Marketing Group, in partnership with the Young Entrepreneur Council, conducted a study on youth entrepreneurship. The goals of the study were to: • Establish some initial metrics around youth and entrepreneurship • To understand the support system sustaining young entrepreneurs • To understand if youth entrepreneurship is a viable solution to the nation’s youth unemployment issue What follows is a synopsis of that study. This is the first of many studies that we will conduct on this subject throughout the year. Subsequent studies will delve deeper into issues affecting minorities, female entrepreneurs, and even the emerging demographic of mompreneurs. Through this study, we also discovered an emerging group we’ve dubbed the “sidepreneurs,” and we will also be conducting follow-ups with this group as well.
Transcript of Youth Entrepreneurship Study - by BMG and YEC
Youth Entrepreneurship Study Presented
by
Buzz Marketing Group
Overview
Research took place during January of 2011
✩Teens and Adults between 16-39
✩Men and Women
✩1,635 respondents
45%
DemographicsThe majority of respondents who participated in this survey were from one of the following states:
45%
Michigan
New Jersey
New York
Pennsylvania
California Florida
Georgia Illinois
Demographics
45%
Ethnicity
1%6% 15%
71%
7%
1%
American IndianAsian AmericanAfrican AmericanCaucasianHispanicOther
Demographics
45%
Age Distribution
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38
0%
1%
2%
3%
4%
5%
Demographics
45%
Gender
62% 38%
Education
45%
25%
75%
Are you currently in college?
YesNo
Education
45%
63%
37%
Have you graduated from college?
YesNo
Education
45%
What school do you/did you attend?
* These are the top 10 schools that the participants attended
Graduate Schools
13%
87%
Are you in graduate school?
Yes No
Education
Marcia Wells
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Education
27%
73%
Have you been offered a class(es) on entrepreneurship?
YesNo
Marcia Wells
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Education
”Yes, I took some but did not feel they were that good”
”Not in school, I’ve taken several from non-profit programs”
”If they were offered I would be interested”
”I went to a few meetings that were advertised as entrepreneurship classes but ended up being sales pitches”
Marcia Wells
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Education
30%
70%
If you did have entrepreneurship classes, do you feel they were adequate enough for you to start a business post-
school?
YesNo
Marcia Wells
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Education
”Success has to come from experience, not just education.”
”Absolutely. I successfully started my own business after college”
”I did not feel like they were in line with the current economy”
”I failed in my first start-up; class did not help in real world”
Entrepreneurshi
p 101
Marcia Wells
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Education
89%
11%
Do you believe entrepreneurship education is important given the new economy and
job market?
YesNo
Marcia Wells
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Education
”I believe entrepreneurship education is very important and don't see much of it.”
”its required to face market challenges which are not in books”
”if people can learn to support small businesses and sustain the economy on that rather than big business, the country may be more economically stable.”
”I don't think a true entrepreneur really needs to be taught how to be an entrepreneur.”
Marcia Wells
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Employment
18%
24%52%
6%
I currently have...
no job a part-time joba full-time job Other
Other:
Freelance
Full-time
homemaker
Per-contract
Student
Marcia Wells
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Employment
26%
74%
Are you self-employed?
YesNo
Marcia Wells
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Employment
33%
67%
If you are self-employed, do you feel that you have a strong support system?
YesNo
Marcia Wells
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Employment
”I feel isolated and there are few meet and greet or networking venues available.”
”It is hit or miss. My family and long time friends do not understands the demands of owning your own business. Other business owners are so busy with their businesses I don't get to exchange ideas with them as much as I would like to.”
”I work part-time and run my own business as a clinical licensed massage therapist. Support system is all about networking and that is always a continued adventure”
Marcia Wells
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Employment
12% 8%
15%
32%
34%
What is your annual income ?
Less than 5k 5k-10k 10k-25k25k-50k More than 50k
Marcia Wells
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Employment
33%
67%
Do you think you have enough financial support from banks?
YesNo
Marcia Wells
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Employment
“ It is difficult to get loans, even with good credit, because I am self-employed..”
” Hard to get loans for small businesses owned by minorities or women.”
”I don't believe in banks. Credit Unions are the way to go.”
Marcia Wells
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Employment
13%
87%
Did you start a business in college?
Yes No
Marcia Wells
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Employment
21%
79%
Did you start a business as a result of being unemployed?
Yes No
Marcia Wells
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Government Support
11%
89%
If you own a business, do you think you have enough support from the gov-
ernment?
YesNo
Marcia Wells
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Government Support
”Not enough, as government tends to support large business more by giving them huge tax breaks compared to small business owners”
”Couldn't afford an accountant, and no "free" business help, so many tax breaks, and write-offs went untaken because of the price..”
”If you are a small business they want to loan you money not bail you out at the same rate the corporations get or give you a grant”
Marcia Wells
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Healthcare
57%
43%
Do you pay for your health care?
YesNo
Marcia Wells
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Healthcare
22%
31%11%
9%
12%
16%
How much is your health care payment monthly?
I don't have health care... $150-$200 $200-$250
$250-$300 $300+ Other
Marcia Wells
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Healthcare
”I don’t know; my company pays it”
”Government plan”
”I pay as I need it”
”supplied through my scholarship”
”I have welfare insurance”
”I have Medicaid”
Marcia Wells
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Self-employment
21%
24%
52%
16%
If you are not self-employed what is hold-ing you back?
not interestednot enough government/financial supportnot enough resourcesOther
Marcia Wells
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Self-employment
”I'm a brain worker, I do not wish to have to deal with the other aspects of self-employment. It is too stressful”
”the economy, taxes, regulatory fees, and overall business climate”
”Currently making a good wage and self-employment risks are high and my passions do not look profitable enough”
Marcia Wells
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Sidepreneur™
36%
64%
Have you started any type of side business?
YesNo
Marcia Wells
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Sidepreneur™ - Other Gigs
Mary Kay Representative
Voice-over work from home
Freelance web design
Personal training
Just yard work around the neighborhood
At home bakery
Tutoring
Marcia Wells
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Entrepreneurship
18%
82%
Do you plan to quit your 9-5 job in 2011 to start your own business?
YesNo
Marcia Wells
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Entrepreneurship
”It would have to be sustained growth for my business to devoted 100% of my time to it.”
”I am afraid to because lack of knowledge causes fear, but I would like to.”
”I plan to grow my business enough to quit my 9 to 5.”
”In this economy I cannot imagine finding the money unless we attached it to our home as this is our only asset. There is no way I would risk our home.”
Marcia Wells
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Entrepreneurship
69%
31%
Would you like to work for an entre-preneur?
Yes No
Marcia Wells
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Entrepreneurship
”I would love the freedom and creative opportunities that usually accompany working for an entrepreneur. “
”I believe they offer vision, wisdom, & self-starting spirit which is sorely lacking in the lower levels of the white-collar American workforce. “
”The fastest way to learn is from someone that has already burned a path.”
”I find security in large companies”
”it would be great to work for someone with ground breaking and innovative ideas.”
”It could be an exciting opportunity with more freedom and potential for growth”
Marcia Wells
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Highlights
73% of respondents were not offered any classes on entrepreneurship in college
89% believe that entrepreneurial education is important given the new economy and job market
Only 21% responded that they are not interested in entrepreneurship
69% of respondents would like to work for an entrepreneur
36% of our respondents have started a “side business” of some sort to help them out financially
Marcia Wells
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Contact Us
Scott Gerber, Chairman & Founder, YEC
T: 212.537.9240
Tina Wells, CEO & Founder, Buzz Marketing Group
T: 215.399.5679
Marcia Wells
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