Entrepreneurship Study 2014

Entrepreneurship Study 2014

06.20.14!

What Millennials Really Think About Entrepreneurship!! ! ! !!

Who was Involved?

The YEC and Buzz Marketing Group’s Entrepreneurship Study 2014 is based on qualitative and quantitative research conducted with more than 600 buzzSpotters® throughout the United States during the months of January, February and March, 2014. This report is available for download at www.buzzmg.com/reports.!

Composed based on data from 1.1.2014 – 3.22.2014!

684 Participants!30,000 Panelists!

48% Female!52% Male!

Survey fielded online!

Ages 18-40!18-22 ! ! ! !19%!23-26 ! ! ! !23%!27-31 ! ! ! !26%!32-35 ! ! ! !16%!36-40 ! ! ! !16%!

What Millennials Really Think About Entrepreneurship!

Entrepreneurship Study 2014!

Location



NY#16%#

CA#14%#

IL#9%#

TX#6%#FL#

4%#PA#5%#

GA#6%#

Rest#of#USA#40%#

Ethnicity



White#60%#

Black#16%#

Asian#American#

8%#

Hispanic#12%#

Mixed#4%#

Marital Status



Single#25%#

DaPng#6%#

In#a#relaPonship#

29%#

Married#40%#

Education



High#school#diploma#27%#

Associates#Degree#16%#

Bachelors#Degree#43%#

Masters#Degree#12%#

Doctorate#2%#

Employment



Unemployed# Working#partTPme#

Working#fullTPme#

SelfTemployed# A#student# A#fullTPme#home#maker#

2%#7%#

47%#

35%#

7%#

2%#

Household Income



Less#than#$8,000#

$8,000#T#$33,000#

$33,000T#$82,000#

$82,000#T#$170,000#

$170,000#T##$370,000#

More#than#$370,000#

I#don't#want#to#specify#

11%#

17%#

39%#

18%#

2%#1%#

12%#

The following questions were asked to aspiring

entrepreneurs and aspiring small business

owners:!



Do you believe that entrepreneurship education is important given the new economy and job

market?!



Yes# No#

94%#

6%#

Do you feel that colleges and higher education institutions are helping startups?!



Yes# No#

73%#

27%#



Have you ever been offered a class in entrepreneurship?!

Yes# No#

38%#

62%#

If you did have an entrepreneurship class, do you think that it was adequate enough to start

a new business post-school?!



Yes# No#

38%#

62%#

Have you ever been offered a class in coding?!



Yes# No#

23%#

77%#



If you have never been offered a class in coding, would you have liked to have been

offered a class?!

Yes# No#

79%#

21%#



Have you ever worked as a freelancer in your chosen field?!

Yes# No#

46%#

54%#

If not, would you consider working as a freelancer in your chosen field?!



Yes# No#

89%#

11%#

Are you interested in starting your own business?!



Yes# No#

82%#

18%#

Do you think that unpaid internships are helpful ways to gain skills you can use to start a business?!



Yes# No#

82%#

18%#

Do you believe a college degree is a prerequisite for starting a company or working at a startup?!



Yes# No#

40%#

60%#

Would you like to work for an entrepreneur?!



Yes# No#

88%#

12%#

Do you feel that an MBA is a worthwhile investment?!



Yes# No#

68%#

32%#

Do you believe that you will be a business owner or self-employed at some point in your

career due to the new economy?!



Yes# No#

81%#

19%#

Do you want to pursue entrepreneurship at some point in your lifetime?!



Yes# No#

87%#

13%#

Do you think it is more difficult to become an entrepreneur if you are ____?!



a#woman# a#minority# not#college#educated#

from#a#lowTincome#

community#

young#(18T35)#

52%# 52%#59%#

78%#

46%#

% of participants who answered “yes”#

If you were unemployed which of the following would you be more likely to do?!



Take#any#job# Keep#looking# Create#a#job# Go#back#to#school#

21%# 23%#

37%#

19%#

Would your parents prefer that you get a “real job” or start your own business?!



get#a#"real#job"# start#your#own#business#

61%#

39%#

What is the most important thing that a startup can offer you to consider working

there?!



Strong#office#culture# Health#Insurance# Job#training#and#conPnued#educaPon#

29%#22%#

49%#

Key Findings



94% believe that entrepreneurship education is important given the new economy!

89% would consider working as a freelancer in their chosen field!

87% want to pursue entrepreneurship at some point in their lifetime!

78% believe it is more difficult to become an entrepreneur if you are from a low-income community!

62% do not believe their entrepreneurship class was adequate enough to start a business post-graduation!

Buzz Marketing Group !132 Kings Highway!

East Suite 202!Haddonfield, NJ 08033!

856.433.8579!Fax: 856.520.8581!

www.buzzmg.com!

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Entrepreneurship Study 2014