|
| |
|
Research Findings
|
 |
- Young entrepreneurs contribute significantly to the economy, starting businesses with their own savings (66%) and generating enough revenue with their businesses to fully support themselves, paid employees and the company's expenses, thus having to generate up to 3 or 4 times more money per month than their peers.
- Despite the popular business failure rates that claim the vast majority of businesses fail in the first three to five years, the average young entrepreneur that we surveyed had been in business for 3.5 years.
- Young entrepreneurs tend to start their first businesses in their late teens and early twenties, often attempting to start two to three by the age of 25, and actually starting at least one by the age of 21.
- Young entrepreneurs are very likely to have been raised with at least one entrepreneur in their immediate family (62.5%), and have at least one mentor with their own business as well.
- Young entrepreneurs begin working in a professional capacity at an early age (80.5%), usually in the same industry that they build their first businesses in (60%). Almost half (49.5%) report having had educational training in the same industry as their business.
- Young entrepreneurs are smart about starting their companies, and do their due diligence in researching beforehand (74.5%), spending an average of 7.5 months gathering information.
- Most young entrepreneurs surveyed regularly read general business publications (70%) and trade publications related to their business (67.5%). Over half also read general trade publications (56%) and entrepreneurial publications (58%).
- Young entrepreneurs start their businesses from scratch (87%) and are not likely to purchase an existing business (5%), inherit one (4%), or buy a franchise (1.5%), most likely due to a lack of exposure to, or for formal education on other start-up options.
- Young entrepreneurs do not feel that their business efforts are supported by educators, making running a business as a student, even more difficult. Their biggest supporters were their mentors and mothers, followed by fathers and siblings.
- Young entrepreneurs take just enough money out of their companies in salary to survive. The majority reports that they earn between $0 to $14,999 (20.5%), the next largest income group between $15,000 to $29,999 (18%), with the median income bracket at $30,000 to $44,999 (17%). They are generally not very happy or necessarily unhappy with their financial situation, yet remain extremely determined to overcome financial obstacles and become much more successful in the years to come.
|
|
|
|
