Entrepreneurship tough for young adults, poll says
The lagging economy is preventing many young adults from becoming entrepreneurs, according to a new poll released Thursday.
A survey of the millennial generation -– those ages 18 to 34 -– found that more than half of those polled either wanted to start a business or already had started one. But 38% of the potential entrepreneurs said he poor state of the economy has delayed the process, according to the Young Invincible, in conjunction with Lake Research Partners and Bellweather Research.
A higher percentage of minority youths -– 64% of Latinos and 63% of African Americans -– want to own their own companies.
Despite a strong entrepreneurial desire, only 8% of the young adults are in business for themselves, the survey found.
Young people face many obstacles to entrepreneurship, including lack of knowledge, inability to access capital, few mentors and current debt burdens.
The poll was released before the third annual Globe Entrepreneurship Week, which runs from Nov. 14-20.
-- Angel Jennings
Photo: Entrepreneurs show their new men's clothing line EBO (Everything But Ordinary). Credit: Iris Schneider / Los Angeles Times