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Young Minorities Eager to Start Their Own Businesses

dream-team-11101902 Credit: Dreamstime.com

The entrepreneurial spirit is alive and well in the millennial generation, new research reveals.

In a study conducted by Young Invincibles, an organization that works to help young entrepreneurs start businesses, more than half of those surveyed between the ages of 18 and 34 either want to start a business or already have done so.

The interest in becoming an entrepreneur is even higher for young minorities. Specifically, 64 percent of surveyed Latinos and 63 percent of surveyed African-Americans expressed a desire to start their own companies.

"This poll reveals a generation that is enthusiastic about entrepreneurship, and that is good news for the U.S.," said Carl Schramm, president and chief executive officer of the Kauffman Foundation, a philanthropic organization that helps create new firms. "They recognize that entrepreneurship is the key to reviving the economy."

Yet despite that desire, nearly 40 percent of the potential young entrepreneurs who took the survey said they have delayed starting a business because of the economy.

The research also revealed there are a number of other obstacles holding them back, including the inability to access the capital needed to launch a business , a lack of knowledge needed to run a small business, concerns with overcoming debt burdens and few mentors from whom they can learn.

Sixty-five percent of those surveyed think that making it easier to start a business should be a priority for Congress, with more than 80 percent believing Congress should, at a minimum, increase the availability of startup loans.

Nearly all of those surveyed supported increasing access to the education and training needed to run a small business, and 81 percent thought there should be student loan relief specifically for millennials who start their own businesses.

"An astounding number of young people want to start a business one day,” Aaron Smith, co-founder and executive director of Young Invincibles, said. "They overwhelmingly support action on the part of their leaders to remove barriers to these dreams."

The research was based on surveys of nearly 900 millennials.

Chad Brooks

Chad Brooks is a Chicago-based freelance writer who has nearly 15 years experience in the media business. A graduate of Indiana University, he spent nearly a decade as a staff reporter for the Daily Herald in suburban Chicago, covering a wide array of topics including, local and state government, crime, the legal system and education. Following his years at the newspaper Chad worked in public relations, helping promote small businesses throughout the U.S. Follow him on Twitter.