ThinkNow Entrepreneurship Report 2018

ENTREPRENEURSHIP
2018
Differences by
Age, Gender and Ethnicity

Methodology
Field Dates
March, 2018
Survey Method
100% Online
Nationwide
Screening Criteria
› 18-64 years of age
› Self-identify as a White, Hispanic,
African American or Asian
Entrepreneurship
Research
› Interest in starting businesses
› Industries chosen
› Revenue goals
› Motivations
› Barriers
› Awareness of support services
› Utilization of support services
This report compares
entrepreneurs of different ages,
ethnicities and genders and
measures differences in:
Base Sizes
1291
Total
Hispanics Whites
African
Americans Asians
516 259 258 258
2

ThinkNow Research
3
Online Panel
Over 50,000 respondents to recruit from
Nationally-representative, per Census
Unique recruitment model that encompasses online
and offline recruitment methods such as Spanish-
language television advertising
Research
Fortune 500 clients
Over 30 years of research experience specifically in the
Hispanic market
Only Hispanic market research company that owns and
operates an in-house panel
ThinkNow Research provides
innovative online market research
solutions for companies looking to
understand the U.S. Hispanic
consumer. We specialize in
researching the U.S. Hispanic
demographic and other hard-to-
reach consumers in order to deliver
high-quality research to our clients
that bear actionable and meaningful
results.
Experts In Hispanic
Market Research

Table of Contents
4
• Success and Business Ownership……………......……………...………7
• Business Ambition………………………………………..………………..…...12
• Motivations…………………………..…………………..……………………..….18
• Obstacles/Challenges…………………………………………………………..23
• Business Owner Resources…………..……………..……………………….30
• Appendix………………………………………….…………………..……………..37
“Entrepreneurship rates are half of what they were a decade ago”
- Kaufman Foundation 2018

Success and
Business Ownership
5

Overall, nearly half of American adults say
they are interested in owning their own business
but have not started.
E2. Are you interested in starting your own business or becoming a business owner?
Base size: Total Market (n=1291), Hispanics (n=516), Whites (n=259), African-American (n=258), Asian (n=258)
6
Letters indicate statistically significant
difference (95% confidence)
8% 11%
7% 10% 7%
17%
15%
18% 12% 16%
13% 11% 12%
14%
20%
6% 3%
7%
4%
6%
12%
8%
14%
9%
10%
45%
51%
41%
52%
42%
Total Market Hispanics (A) Whites (B) African-
Americans (C)
Asians (D)
Yes, but I have not started yet.
I already own my business.
No, but I owned a business in the past.
No, I thought of owning business in the past.
No, I have never thought of owning business.
I do not know.
A
AB
BD BD
A
57%
59%
55%
61%D
52%
African-Americans and
Hispanics expressed the
most interest in owning
their own business.
Whites are the most
likely to already be
business owners.
Interest in
Entrepreneurship by Total
Market & Race/Ethnicity

Most young Americans have a desire to become business owners.
Interest in starting a business is felt much stronger among men than women.
Interest in Entrepreneurship by Gender & Generation
11%
6%
22%
11%
13%
12%
6%
6%
11%
13%
37%
52%
Women
(K)
Men
(J)
Yes, but I have not started yet.
I already own my business.
No, but I owned a business in
the past.
No, but I thought of owning
business in the past.
No, I have never thought of
owning business.
I do not know.
K
66%K
J
J
48%
13%
5% 6%
12%
11%
15% 14%
27%
8% 12% 12%
17%
2%
8%
14%
6%
13%
18%
8%
61%
52%
42%
22%
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
GH
EH
H
E
EF
EFG
H
67%H
EF
65%H
60%H
30%
E2. Are you interested in starting your own business or becoming a business owner?
Base size: Women (n=645), Men (n=645) , Gen Z (n=208), Millennials (n=498), Gen X (n=229), Boomers (n=286)
7

40%
48%
36%
51%
29%
Total Market Hispanics (A) Whites (B) African- Americans (C) Asians (D)
BD
BD
Believe That Owning a Business is a Strong Indicator of Success
by Total Market and Race/Ethnicity
Overall, 4-in-10 American adults believe that owning a
business is a strong indicator of success.
E1. How do you personally define “success”?
Base size: Total Market (n=1291), Hispanics (n=516), Whites (n=259), African-American (n=258), Asian (n=258)
8
Significantly more
Hispanics and African-
Americans agree with
this sentiment
compared to Whites
and Asians.
Letters indicate statistically significant difference (95% confidence)

Believe That Owning a Business is a Strong Indicators of Success by
Gender & Generation
49%
42%
39%
30%
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
H
H
The perception that owning a business is a strong indicator
of success is felt strongest by Gen Z and Millennials.
E1. How do you personally define “success”?
Base size: Women (n=517), Men (n=454), Gen Z (n=153), Millennials (n=385), Gen X (n=229), Boomers (n=183)
9
37%
42%
Women (J) Men (K)
Men are more
likely to think this
way than women,
though the
difference is not
significantly
different.

Aspiring business owners are most interested in the areas
of restaurant/food/beverage and retail.
E3b. What industry are/were you interested to open in?
Base: Are/Were interested in owning a business except current business owners
11
Asians in particular are
interested in the restaurant
industry.
Advertising/marketing and
technology are also popular
industries for new business
owners.
Type of Business/Industry Interested In by Total Market & Race/Ethnicity
Total Market
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
Restaurant/Food and Beverage 20% 29% 17% 23% 30%
Retail, Shopping and Ecommerce 17% 18% 17% 18% 20%
Advertising and Marketing 14% 9% 17% 13% 6%
Tech Industry 14% 9% 15% 12% 18%
Wholesaling 10% 12% 9% 18% 9%
Website design 10% 11% 10% 8% 8%
Health Care, Medicine and Wellness 10% 7% 9% 13% 15%
Education – Academic or The Arts 8% 7% 6% 14% 12%
Audio, Visual and Media 8% 5% 7% 14% 5%
Communities, Social Networking & Collaboration 7% 6% 7% 9% 5%
Gaming and Virtual Worlds 7% 8% 8% 8% 4%
Childcare 7% 9% 6% 13% 6%
Travel and Transport 7% 9% 4% 14% 11%
Base size 842 341 151 175 175
AD
D
A
AD
B B
A
A
B
AB
Full results can be found in appendix.

21%
16%
16%
13%
12%
10%
9%
8%
8%
8%
7%
7%
6%
6%
5%
4%
3%
Tech Industry
Retail, Shopping and Ecommerce
Restaurant/Food and Beverage
Advertising and Marketing
Website design
Gaming and Virtual Worlds
Audio, Visual and Media
Wholesaling
Travel and Transport
Communities, Social Networking & Collaboration
Import/Export
Finance and Payments
Auto repair
Health Care, Medicine and Wellness
Education – Academic or The Arts
Recruitment and Jobs
Childcare
K
K
K
Men are most interested in starting a tech business;
for women, restaurant/food and beverage is the top choice.
Base: Are/Were interested in owning a business except current business owners - Women (n=445), Men (n=397)
12
Letters indicate
statistically
significant difference
(95% confidence)
25%
18%
16%
15%
13%
12%
12%
8%
7%
7%
6%
6%
5%
4%
4%
4%
3%
3%
Restaurant/Food and Beverage
Retail, Shopping and Ecommerce
Advertising and Marketing
Health Care, Medicine and Wellness
Wholesaling
Education – Academic or The Arts
Childcare
Other Services
Website design
Communities, Social Networking & Collaboration
Audio, Visual and Media
Travel and Transport
Recruitment and Jobs
Tech Industry
Finance and Payments
Others
Gaming and Virtual Worlds
Bookkeeping and accounting
J
J
J
J
Women (K) Men (J)
Other top industries for women include retail,
wholesaling, health care and education.
Men are more interested in starting businesses in
gaming/virtual worlds and importing/exporting.
Type of Business/Industry
Interested In by Gender

Younger people are more interested in starting businesses in
advertising/marketing, audio/visual/media and website design
compared to their older cohorts.
13
Type of Business/Industry Interested In by Generation
Total
Market
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
Tech Industry 14% 12% 13% 17% 12%
Wholesaling 10% 6% 9% 10% 18%
Gaming and Virtual Worlds 7% 11% 12% 3% -
Childcare 7% 13% 8% 3% 5%
Finance and Payments 5% 9% 7% 3% 2%
Other services 5% 5% 3% 5% 10%
Import/Export 5% 3% 4% 4% 8%
Base 815 143 338 197 164
G
GH
H
GH
H
GH
GH
H
GH
GH
GH
H

Whites have the highest median income goals. African-
Americans have the highest total average revenue goals.
19% 23% 19% 21% 18%
20%
21%
19%
22%
22%
28%
27%
31% 24% 28%
13%
12% 13%
11%
15%
6% 5% 6%
2%
7%
8% 5% 10%
9%
5%
5% 7% 2%
11%
5%
Total Sample Hispanics
(A)
Whites
(B)
African-
Americans
(C)
Asians
(D)
$50,000,000+
$10,000,000 to $49,999,999
$5,000,000 to $9,999,999
$1,000,000 to $4,999,999
$200,000 to $999,999
$100,000 to $199,999
Less then $100,000
C
BD
Revenue Goal for Business by Total Market & Race/Ethnicity
Whites and Asians have
the most conservative
goals.
$6.8M $7.3M $4.8M $10.3M $5.5M Mean (in millions)
E4. What is/was your ultimate business ambition in term of an annual revenue?
Base size: Are/Were interested in owning a business - Total Market (n=950), Hispanics (n=374), Whites (n=183), African-American (n=195), Asian (n=198)
14
$430K $360K $440K $310K $370K Median (in thousands)
B
BD
AD

The younger the aspiring business owner is, the higher the
revenue goal for their business.
Men have higher revenue goals than women.
27%
12%
22%
18%
29%
28%
8%
18%
5%
7%
5%
11%
4% 6%
Women (K) Men (J)
$50,000,000+
$10,000,000 to $49,000,000
$5,000,000 to $9,999,999
$1,000,000-$4,999,999
$200,000-$999,999
$100,000 to $199,999
Less then $100,000
J
K
K
11%
15%
23%
28%9%
17%
23%
29%41%
28%
23%
27%
14%
21%
9%
3%
4%
7% 7%
1%
12%
6% 10% 7%
10% 6% 4% 4%
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
GH
E
EF
EF
EF
FGH
E
EGH
GH
H
H
E4. What is/was your ultimate business ambition in term of an annual revenue?
Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456), Gen Z (n=153), Millennials (n=385), Gen X (n=229), Boomers (n=183)
15
Revenue Goal for Business by Gender & Generation
$8.2M  Mean (in millions) →$5M $10M $6.6M $6.1M $5.1M
GH
$740K  Median (in thousands) →$220K $730K $690K $280K $180K
K
H
F

Personal growth and greater independence are the top
motivators for wanting to start a business.
E7. What are/were motivations to start your business?
Base size: Are/Were interested in owning a business - Total Market (n=950)
17
14%
18%
23%
25%
33%34%
37%38%
46%47%
2%3%4%5%
9%9%
15%
12%
19%
16%
Family legacyEncouragement from
family members,
colleagues, etc.
PrideTired of regular jobFinancial rewardsOpportunity to work
from home
Passion about business
ideas
Better work-life
balance
Greater independencePersonal growth
All Motivators Top Motivator
Motivations For Wanting to Start a
Business by Total Market

Personal growth is an especially important motivator for
African-Americans.
49%
47%
37%
34%
32%
33%
24%
23%
16%
13%
41%
45%
38%
36%
34%
32%
26%
22%
18%
15%
63%
56%
43%
46%
40% 41%
30% 29%
20%
12%
50%
53%
38%
36%
40% 41%
24%
17%
19%
11%
Personal growth Greater independence Better work-life
balance
Passion about business
ideas
Opportunity to work
from home
Financial rewards Tired of regular job Pride Encouragement from
family members,
colleagues, etc.
Family legacy
Hispanics (A) Whites (B) African-Americans (C) Asians (D)
ABD
A
18
Base size: Are/Were interested in owning a business - Hispanics (n=374), Whites (n=183), African-American (n=195), Asian (n=198)
Business by Race/Ethnicity

Better work/life balance and opportunity to work from home are
bigger motivating factors for women compared to men.
44%
46%
31%
40%
44% 44%
24%
21%
19%
14%
48% 47%
35% 35%
33%
27% 26%
24%
18%
14%
Greater independence Personal growth Financial rewards Passion about business
ideas
Better work-life
balance
Opportunity to work
from home
Tired of regular job Pride Encouragement from
family members,
colleagues, etc.
Family legacy
Women (K) Men (J)
JJ
19
Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456)
Business by Gender

Gen Z are more likely to be motivated by growth, passion
and pride than their older cohorts.
Greater independence is the top driver for Gen X and Boomers.
54%
49%
45%
37%
33% 33%
28%
25%
22%
16%
46%
34% 35%
22%
35%
41%
33%
21%
29%
16%
47%
37% 36%
18%
35%
56%
37%
15%
24%
15%
41%
32%
41%
19%
32%
52%
34%
11%
20%
9%
Personal growth Passion about business
ideas
Better work-life balance Pride Opportunity to work from
home
Greater independence Financial rewards Encouragement from
family members,
colleagues, etc.
Tired of regular job Family legacy
Gen Z: 18-24 (E) Millennials: 25-39 (F) Gen X: 40-54 (G) Boomers: 55-64 (H)
Base size: Are/Were interested in owning a business - Gen Z (n=153), Millennials (n=385), Gen X (n=229), Boomers (n=183)
20
EF
H
FGH
FGH
GH
Business by Generation

Lack of financial resources is the number one obstacle for
aspiring business owners.
Not having experience and business training/knowledge and uncertainty are key factors as well.
E9a. What are reasons you have not started your business yet?
Base: Interested but have not started yet (n=587)
22
Reasons for NOT Starting Business Yet by Total Market
46%
29%
28%
28%
21%
20%
19%
17%
15%
13%
11%
10%
8%
4%
4%
3%
4%
Lack of financial resources
Lack of entrepreneurial experience
Lack of business training/knowledge
Uncertainty
Bad economy
High responsibility
Lack of confidence
Raising family
Lack of a network of other business owners
High chance of failure
Lack of mentors
Lack of role models
Lack of moral support
Racial discrimination
Parenthood discrimination
Gender discrimination
Others

Lack of financial resources is at the top of the list of
obstacles across race/ethnicity.
Base: Interested but have not started yet
23
Hispanics are the most likely to
feel that the economy is a
barrier to opening up a
business.
Raising a family is a bigger
factor for Whites than the
other segments.
Reasons for NOT Starting Business Yet by Race/Ethnicity
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
Lack of financial resources 50% 41% 48% 56%
Lack of entrepreneurial experience 29% 30% 26% 34%
Lack of business training/knowledge 27% 28% 27% 30%
Uncertainty 19% 30% 31% 30%
Bad economy 28% 20% 18% 17%
High responsibility 15% 22% 19% 18%
Lack of confidence 19% 17% 16% 26%
Raising family 11% 20% 12% 13%
Lack of a network of other business owners 8% 14% 23% 16%
High chance of failure 11% 12% 17% 18%
Lack of mentors 10% 9% 16% 15%
Lack of role models 5% 13% 9% 4%
Lack of moral support 5% 9% 7% 5%
Base 255 100 119 112
D
A
A
A
D
B
A
A

The obstacles to starting a business are largely the same for
women and men.
Lack of financial resources is the biggest barrier for women.
Base: Interested but have not started yet - Women (n=289), Men (n=297)
24
Reasons for NOT Starting a Business Yet by Gender
55%
33%
31%
28%
20%
20%
19%
15%
15%
12%
10%
9%
8%
3%
3%
2%
5%
Uncertainty
Lack of confidence
Raising family
Bad economy
High responsibility
Lack of a network of other business owners
Lack of mentors
Lack of role models
Other
Women (K) Men (J)
39%
28%
28%
24%
24%
23%
17%
15%
15%
14%
13%
12%
6%
5%
5%
3%
4%
Uncertainty
High responsibility
Bad economy
Lack of confidence
Raising family
Lack of a network of other business…
Lack of mentors
Lack of role models
Other
J

Lack of entrepreneurial experience is faced mostly by Gen Z
and Millennials.
25
Although not statistically
significant, Gen Z were the
least likely to mention lack of
financial resources as an
obstacle.
Raising a family is one of top
barriers for Gen X.
Reasons for NOT Starting a Business Yet by Generation
Total
Market
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
Lack of financial resources 46% 35% 51% 44% 54%
Lack of entrepreneurial experience 29% 32% 35% 19% 23%
Lack of business training/knowledge 28% 26% 29% 31% 22%
Uncertainty 28% 23% 24% 34% 37%
Bad economy 21% 28% 15% 26% 16%
High responsibility 20% 21% 24% 13% 22%
Lack of confidence 19% 20% 18% 18% 19%
Raising family 17% 15% 14% 28% 5%
Lack of a network of other business owners 15% 18% 18% 10% 12%
High chance of failure 13% 14% 14% 11% 13%
Lack of mentors 11% 7% 18% 8% 4%
Lack of role models 10% 13% 13% 7% 3%
Lack of moral support 8% 7% 11% 6% 3%
Base 255 123 264 129 70
H H
H
G
FH

Current business owners expressed many challenges, with
finances and uncertainty topping the list.
E9b. What are some of the challenges you have faced as a business owner?
E9e. What are reasons you are not interested in becoming a business owner again?
26
E9d. What are reasons you thought of owning a business, but are not interested now?
E9c. What are reasons you are not interested in starting your own business?
Not having mentors or a
network of other businesses
owners is an issue for some
current owners as well.
Lack of business
training/knowledge is a
significant barrier for those
who are not interested in
starting a business.
Current Business Owners
(W)
Ex-Business
Owners
(X)
Thought About Owning a
Business in the Past,
but Not Now
(Y)
Not
Interested at All
(Z)
Bad economy 28% 15% 26% 22%
Gender discrimination 8% - 5% 1%
Lack of role models 8% - 1% 4%
Parenthood discrimination 6% - 1% 2%
Base 108 68 188 217
X
X
X
X
X
XY
XY
X
X
XYZ
XW
XY
XY
X
X
X
X
X
X
X
X
X
X
X
WXY
X
X
W
X
WXX
Barriers/Challenges of Being a Business Owner by Total Market

Women business owners face more challenges than men.
Base: Current business owners - Women (n=49), Men (n=59)
27
and entrepreneurship
experience, balancing
work/family and lack of moral
support are greater
challenges for women
business owners.
Men business owners
reported higher levels of
uncertainty.
60%
41%
33% 32%
24%
20%
5%
31%
22%
52%
4%
11%
8% 10%
Lack of financial
resources
High responsibility Uncertainty Lack of entrepreneurial
experience
Raising family Lack of moral support Lack of role models
Women (K) Men (J) Women Men
Avg. number
of challenges
4 3
*Caution: small base size
J
J
Challenges of Being a Business Owner by Gender

Awareness of resources available to current and
prospective business owners is relatively low.
E11. Have you heard of any of the following organizations/offices that support small business?
Base: Current business owners and who are interested in owning a business
29
Awareness of Small Business Support Organizations
Total Market
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
None 36% 48% 32% 38% 45%
SBA.gov website 29% 21% 32% 24% 20%
Small Business Development Center (SBDC) 21% 16% 21% 26% 17%
Women’s Business Center (WBC) 18% 13% 18% 22% 16%
Small Business Investment Company (SBIC) program 17% 13% 17% 14% 14%
Small Business Innovation Research (SBIR) or Small Business Technology Transfer
(STTR) programs
16% 15% 16% 15% 11%
SCORE Mentors 13% 13% 12% 19% 8%
SBA District Office 12% 8% 12% 10% 8%
Veteran’s Business Outreach Center (VBOC) 11% 10% 12% 11% 7%
SBA Disaster Loan 7% 4% 6% 8% 5%
Base 694 288 132 139 135
B
AD
D
B

Women are less likely to be aware of a number of these
small business resources compared to men.
Awareness of Small Business Support Organizations by Gender
Base: Current business owners and who are interested in owning a business - Female (n=310), Male (n=423)
30
7%
11%
14%
14%
16%
21%
22%
24%
31%
31%
6%
27%
8%
11%
6%
8%
11%
17%
28%
41%
SBA Disaster Loan
Women’s Business Center (WBC)
Veteran’s Business Outreach Center (VBOC)
SCORE Mentors
SBA District Office
Small Business Innovation Research (SBIR) or Small Business
Technology Transfer (STTR) programs
Small Business Investment Company (SBIC) program
Small Business Development Center (SBDC)
SBA.gov website
None
Women (K) Men (J)
K
K
K
J

Significantly more older aspiring business owners are aware
of SBA.gov than younger ones
SBA District Office is known by Boomers than the rest.
Awareness of Small Business Support Organizations
Total Market
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
None 36% 40% 34% 39% 24%
SBA.gov website 29% 18% 23% 38% 48%
(STTR) programs
16% 18% 22% 9% 6%
SCORE Mentors 13% 9% 13% 9% 28%
SBA Disaster Loan 7% 2% 6% 11% 7%
Base 694 133 311 161 89
31
GH
EF
E
EFG
EF

Most aspiring business owners do not utilize small business support
organizations.
No significant difference in utilization of small business support organizations is seen across racial segments.
E12: Please indicate which of the following organizations/offices you have used to support your business needs during the past 12 months?
32
Utilization of Small Business Support Organizations
Total Market
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
None 67% 71% 66% 64% 74%
SBA.gov website 9% 8% 10% 9% 8%
(STTR) programs
7% 5% 9% 4% 3%
SCORE Mentors 5% 6% 5% 5% 3%
SBA District Office 3% 3% 3% - 3%
SBA Disaster Loan 1% 1% - 1% 2%
Base 694 288 132 139 135
BC
C
D
A
C

Men are significantly more likely to seek small business
support from organizations compared to women.
Base: Current business owners and who are interested in owning a business – Women (n=338), Men (n=356)
33
1%
5%
4%
13%
5%
10%
8%
12%
6%
59%
1%
2%
4%
4%
4%
5%
10%
78%
SBA Disaster Loan
SBA District Office
Veteran’s Business Outreach Center (VBOC)
Small Business Development Center (SBDC)
SCORE Mentors
Small Business Investment Company (SBIC) program
SBA.gov website
Women’s Business Center (WBC)
None
Women (K) Men (J)
Utilization of Small Business Support Organizations by Gender
K
K
K
K
K

Older generations are significantly less likely to utilize small business
support organizations than Gen Z and Millennials.
34
Total
Market
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
None 67% 62% 56% 81% 75%
SBA.gov website 9% 10% 9% 5% 16%
7% 8% 10% 6% -
SCORE Mentors 5% 6% 7% 2% -
Base 694 133 311 161 89
Utilization of Small Business Support Organizations by Generation
G
H
H
EF EF

Sample Demographics
36
Total Sample
Hispanics
(A)
Whites
(B)
African Americans
(C)
Asians
(D)
Base Size 1291 516 259 258 258
Men 50% 51% 50% 48% 47%
Women 50% 49% 50% 52% 53%
Gen Z (18-24) 16% 20% 14% 19% 14%
Millennials (25-39) 34% 44% 32% 32% 41%
Gen X (40-54) 30% 25% 31% 32% 28%
Boomers (55-64) 20% 12% 23% 17% 16%
Married 44% 46% 47% 18% 52%
Foreign Born 13% 40% 5% 4% 52%
Parents Foreign Born 32% 75% 18% 17% 85%
College Graduate or Higher 39% 30% 38% 29% 69%
Employed Full Time 63% 59% 64% 57% 67%
HH Income $74K $56K $77K $52K $86K
B
BC
C
BC
BC
A
C C
ABC
ABC
ABC
C

Younger people are more interested in starting businesses in
advertising/marketing, audio/visual/media and website design
compared to their older cohorts.
37
Type of Business/Industry Interested In by Generation
Total
Market
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
Tech Industry 14% 12% 13% 17% 12%
Wholesaling 10% 6% 9% 10% 18%
Gaming and Virtual Worlds 7% 11% 12% 3% -
Childcare 7% 13% 8% 3% 5%
Other services 5% 5% 3% 5% 10%
Auto repair 4% 2% 7% 2% 4%
Recruitment and Jobs 4% 5% 7% 1% 4%
Bookkeeping and accounting 3% 2% 3% 2% 3%
Security, Storage and Collaboration 2% 4% 4% 1% 2%
Energy, Environment and Sustainability 2% 3% 4% 1% 1%
Others 9% 6% 11% 6% 5%
Base 815 143 338 197 164
G
GH
H
GH
H
GH
GH
H
GH
GH
GH
G
H

Aspiring business owners are most interested in the areas
of restaurant/food/beverage and retail.
38
Asians in particular are
interested in the restaurant
industry.
Advertising/marketing and
technology are also popular
industries for new business
owners.
Type of Business/Industry Interested In by Total Market & Race/Ethnicity
Total Market
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
Tech Industry 14% 9% 15% 12% 18%
Wholesaling 10% 12% 9% 18% 9%
Gaming and Virtual Worlds 7% 8% 8% 8% 4%
Childcare 7% 9% 6% 13% 6%
Other service 5% 5% 6% 5% 4%
Auto repair 4% 4% 4% 3% 4%
Recruitment and Jobs 4% 4% 4% 5% 4%
Bookkeeping and accounting 3% 3% 2% 2% 7%
Security, Storage and Collaboration 2% 2% 1% 9% 1%
Energy, Environment and Sustainability 2% 5% 1% 4% 3%
Others 9% 6% 11% 6% 5%
Base size 842 341 151 175 175
AD D
A
AD
BD
B
ABD
B
A
A
B
B

Lack of financial resources is at the top of the list of
obstacles across race/ethnicity.
39
Hispanics are the most likely to
feel that the economy is a
barrier to opening up a
business.
Raising a family is a bigger
factor for Whites than the
other segments.
Reasons for NOT Starting Business Yet by Race/Ethnicity
Hispanics
(A)
Whites
(B)
African-Americans
(C)
Asians
(D)
Bad economy 28% 20% 18% 17%
Lack of role models 5% 13% 9% 4%
Racial discrimination 1% 5% 7% 2%
Parenthood discrimination 1% 4% 1% 5%
Gender discrimination 1% 3% 4% 3%
Others 3% 4% 5% 4%
Base 255 100 119 112
D
A
A
A
D
B
A
A

Lack of entrepreneurial experience is faced mostly by Gen Z
and Millennials.
40
Although not statistically
significant, Gen Z were the
least likely to mention lack of
financial resources as an
obstacle.
Raising a family is one of top
barriers for Gen X.
Reasons for NOT Starting a Business Yet by Generation
Total
Market
Gen Z
18-24
(E)
Millennials
25-39
(F)
Gen X
40-54
(G)
Boomers
55-64
(H)
Lack of financial resources 46% 35% 51% 44% 54%
Lack of entrepreneurial experience 29% 32% 35% 19% 23%
Lack of business training/knowledge 28% 26% 29% 31% 22%
Uncertainty 28% 23% 24% 34% 37%
Bad economy 21% 28% 15% 26% 16%
High responsibility 20% 21% 24% 13% 22%
Lack of confidence 19% 20% 18% 18% 19%
Raising family 17% 15% 14% 28% 5%
Lack of a network of other business owners 15% 18% 18% 10% 12%
High chance of failure 13% 14% 14% 11% 13%
Lack of mentors 11% 7% 18% 8% 4%
Lack of role models 10% 13% 13% 7% 3%
Lack of moral support 8% 7% 11% 6% 3%
Racial discrimination 4% 2% 6% 5% 3%
Parenthood discrimination 4% 2% 6% 4% -
Gender discrimination 3% 2% 2% 5% 1%
Other 4% 2% 5% 2% 12%
Base 255 123 264 129 70
H H
H
G
FH

Current business owners expressed many challenges, with
finances and uncertainty topping the list.
E9e. What are reasons you are not interested in becoming a business owner again?
41
E9d. What are reasons you thought of owning a business, but are not interested now?
E9c. What are reasons you are not interested in starting your own business?
Not having mentors or a
network of other businesses
owners is an issue for some
current owners as well.
Lack of business
training/knowledge is a
significant barrier for those
who are not interested in
starting a business.
Current Business Owners
(W)
Ex-Business
Owners
(X)
Thought About Owning a
Business in the Past,
but Not Now
(Y)
Not
Interested at All
(Z)
Bad economy 28% 15% 26% 22%
Gender discrimination 8% - 5% 1%
Lack of role models 8% - 1% 4%
Parenthood discrimination 6% - 1% 2%
Racial discrimination 6% 1% 4% 2%
Other 8% 31% 8% 12%
Base 108 68 188 217
X
X
X
X
X
XY
XY
X
X
XYZ
XW
XY
XY
X
WYZ
X
X
X
X
X
X
X
X
X
X
X
WXY
X
X
W
X
WXX
X
Barriers/Challenges of Being a Business Owner by Total Market

ThinkNow Entrepreneurship Report 2018

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