Entrepreneurial enthusiasm: black teens see greater job security in owning a business.
When asked if they would like to start their own business someday, 75% responded yes, while 18% said no. Moreover, African American youth were more likely to denote a willingness to become entrepreneurs compared to white teens, 86% versus 69%. More boys, at 80%, than girls, at 71%, expressed a desire to become entrepreneurs.
Young people are fully aware of the challenges involved with starting a business. Only 11% perceived that their efforts would be easy or very easy while almost half, or 49%, believed that starting a business would be somewhat challenging.
Nearly half, or 49%, of the teens believed that independence was the primary reason people became entrepreneurs. Having a great idea and wanting to see it in action was the second choice at 32%.
What factors would derail today's youth from pursuing their entrepreneurial aspirations? Not enough money to get a business started, 38%, and fear of failure, 29% were the top two reasons. This is the exact reverse of JA'S 2000 survey, which showed that fear of failure, at 39% was the most commonly cited reason for not starting a business, while 28% of the teens cited not having enough money.
Desire to Start a Business Asian/Pacific Islanders 89% African American 86% Hispanic/Latino 79% White 69% Business Preferences Professional Service 30% Retail Business 27% Restaurant or Food-related 13% Trade Service 7% E-commerce or Internet-based 6% Other 17% Reasons for Not Starting a Business Not Enough Startup Money 38% Fear of Failure 29% Other Interest 17% Too Much Work 8% Government Obstacles 6% Other 4% SOURCE: 2003 JUNIOR ACHIEVEMENT INTERPRISE POOL ON TEENS AND ENTREPRENEURSHIP Note: Table made from bar graph.
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|Title Annotation:||Facts & Figures|
|Author:||Brown, Carolyn M.|
|Date:||Feb 1, 2004|
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