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Youth Entrepreneurship Study - by BMG and YEC


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In January 2011, Buzz Marketing Group, in partnership with the Young Entrepreneur Council, conducted a study on youth entrepreneurship. The goals of the study were to:
• Establish some initial metrics around youth and entrepreneurship
• To understand the support system sustaining young entrepreneurs
• To understand if youth entrepreneurship is a viable solution to the nation’s youth unemployment issue

What follows is a synopsis of that study. This is the first of many studies that we will conduct on this subject throughout the year. Subsequent studies will delve deeper into issues affecting minorities, female entrepreneurs, and even the emerging demographic of mompreneurs. Through this study, we also discovered an emerging group we’ve dubbed the “sidepreneurs,” and we will also be conducting follow-ups with this group as well.

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Youth Entrepreneurship Study - by BMG and YEC

  1. 1. Buzz Marketing Group<br />Youth Entrepreneurship Study Presented by<br />
  2. 2. Overview<br />Research took place during January of 2011 <br />✩Teens and Adults between 16-39<br />✩Men and Women<br />✩1,635 respondents<br />45%<br />
  3. 3. Demographics<br />The majority of respondents who participated in this survey were from one of the following states: <br /><ul><li>Michigan
  4. 4. New Jersey
  5. 5. New York
  6. 6. Pennsylvania
  7. 7. California
  8. 8. Florida
  9. 9. Georgia
  10. 10. Illinois </li></ul>45%<br />
  11. 11. Demographics<br />45%<br />Ethnicity<br />
  12. 12. Demographics<br />45%<br />Age Distribution<br />
  13. 13. Demographics<br /> 62% 38%<br />45%<br />Gender<br />
  14. 14. Education<br />45%<br />
  15. 15. Education<br />45%<br />
  16. 16. Education<br />What school do you/did you attend?<br />45%<br />* These are the top 10 schools that the participants attended<br />
  17. 17. Education<br />Graduate Schools<br />
  18. 18. Education<br />
  19. 19. Education<br />”Yes, I took some but did not feel they were that good”<br />”Not in school, I’ve taken several from non-profit programs”<br />”If they were offered I would be interested”<br />”I went to a few meetings that were advertised as entrepreneurship classes but ended up being sales pitches”<br />
  20. 20. Education<br />
  21. 21. Education<br />”Success has to come from experience, not just education.”<br />”Absolutely. I successfully started my own business after college”<br />”I did not feel like they were in line with the current economy”<br />”I failed in my first start-up; class did not help in real world”<br />Entrepreneurship 101<br />
  22. 22. Education<br />
  23. 23. Education<br />”I believe entrepreneurship education is very important and don't see much of it.”<br />”its required to face market challenges which are not in books”<br />”if people can learn to support small businesses and sustain the economy on that rather than big business, the country may be more economically stable.”<br />”I don't think a true entrepreneur really needs to be taught how to be an entrepreneur.” <br />
  24. 24. Employment<br />Other:<br />Freelance<br />Full-time homemaker<br />Per-contract<br />Student<br />
  25. 25. Employment<br />
  26. 26. Employment<br />
  27. 27. Employment<br />”I feel isolated and there are few meet and greet or networking venues available.”<br />”It is hit or miss. My family and long time friends do not understands the demands of owning your own business. Other business owners are so busy with their businesses I don't get to exchange ideas with them as much as I would like to.”<br />”I work part-time and run my own business as a clinical licensed massage therapist. Support system is all about networking and that is always a continued adventure”<br />
  28. 28. Employment<br />
  29. 29. Employment<br />
  30. 30. Employment<br />“ It is difficult to get loans, even with good credit, because I am self-employed..”<br />” Hard to get loans for small businesses owned by minorities or women.”<br />”I don't believe in banks. Credit Unions are the way to go.”<br />
  31. 31. Employment<br />
  32. 32. Employment<br />
  33. 33. Government Support<br />
  34. 34. Government Support<br />”Not enough, as government tends to support large business more by giving them huge tax breaks compared to small business owners”<br />”Couldn't afford an accountant, and no "free" business help, so many tax breaks, and write-offs went untaken because of the price..”<br />”If you are a small business they want to loan you money not bail you out at the same rate the corporations get or give you a grant”<br />
  35. 35. Healthcare<br />
  36. 36. Healthcare<br />
  37. 37. Healthcare<br />”I don’t know; my company pays it”<br />”Government plan”<br />”I pay as I need it”<br />”supplied through my scholarship”<br />”I have welfare insurance”<br />”I have Medicaid”<br />
  38. 38. Self-employment<br />
  39. 39. Self-employment<br />”I'm a brain worker, I do not wish to have to deal with the other aspects of self-employment. It is too stressful”<br />”the economy, taxes, regulatory fees, and overall business climate”<br />”Currently making a good wage and self-employment risks are high and my passions do not look profitable enough”<br />
  40. 40. Sidepreneur™<br />
  41. 41. Sidepreneur™ - Other Gigs<br />Mary Kay Representative <br />Voice-over work from home<br />Freelance web design<br />Personal training<br />Just yard work around the neighborhood <br />At home bakery <br />Tutoring<br />
  42. 42. Entrepreneurship<br />
  43. 43. Entrepreneurship<br />”It would have to be sustained growth for my business to devoted 100% of my time to it.”<br />”I am afraid to because lack of knowledge causes fear, but I would like to.”<br />”I plan to grow my business enough to quit my 9 to 5.”<br />”In this economy I cannot imagine finding the money unless we attached it to our home as this is our only asset. There is no way I would risk our home.”<br />
  44. 44. Entrepreneurship<br />
  45. 45. Entrepreneurship<br />”I would love the freedom and creative opportunities that usually accompany working for an entrepreneur. “<br />”I believe they offer vision, wisdom, & self-starting spirit which is sorely lacking in the lower levels of the white-collar American workforce. “<br />”The fastest way to learn is from someone that has already burned a path.”<br />”I find security in large companies”<br />”it would be great to work for someone with ground breaking and innovative ideas.” <br />”It could be an exciting opportunity with more freedom and potential for growth”<br />
  46. 46. Highlights<br />73% of respondents were not offered any classes on entrepreneurship in college <br />89% believe that entrepreneurial education is important given the new economy and job market<br />Only 21% responded that they are not interested in entrepreneurship<br />69% of respondents would like to work for an entrepreneur<br />36% of our respondents have started a “side business” of some sort to help them out financially<br />
  47. 47. Contact Us<br />Scott Gerber, Chairman & Founder, YEC<br />E:<br />T: 212.537.9240<br />Tina Wells, CEO & Founder, Buzz Marketing Group<br />E:<br />T: 215.399.5679<br />