This just in: many young adults aged between 18 and 34 – better known as Gen Y or the Millenial Generation – are definitely aspiring entrepreneurs. The Young Invincibles, in conjunction with Lake Research Partners and Bellwether Research and funded by the Kauffman Foundation, released the results of a new poll that showed the Millennial Generation’s sentiments on the economy and entrepreneurship, and the signs are encouraging.
Yet while 54-percent of Millenials either want to start a business or have already started one, almost four out of ten potential young entrepreneurs have held off taking the leap because of the bad economy. Other factors that hold them back include student loans that need paying off, the fear of risk, and not being able to get a loan or credit to start the business.
Interestingly, the survey also shows that Latinos and African Americans are more entrepreneurial when compared to the general overall population: 64 percent of Latinos and 63 percent of African-Americans expressed a desire to start their own companies, as opposed to 45-percent of white Americans.
Here’s the infographic: