Research by Junior Achievement Shows Teens' Interest In Startups Is Still High, Despite Pandemic's Impact on Small Business
Jacksonville, Fla. – A new survey for Junior Achievement (JA) by research firm ENGINE Insights shows that teens remain open to becoming an entrepreneur and starting a business despite the impact of COVID-19 on U.S. small businesses. Two-thirds (66%) of teens between the ages of 13 and 17 said they were "likely" to consider starting a business or becoming an entrepreneur as an adult. A similar survey conducted in 2017 showed that nearly the same percentage of teens (69%) were likely to start a business then. The 2020 survey of 1,000 teens was conducted from May 14 to 20, 2020.
"Small business is the backbone of the American economy and the driver of job growth," said Steve St. Amand, JA of North Florida President. "Despite the effects of the COVID-19 shutdown on the business community, it is encouraging to see the next generation still interested in considering entrepreneurship as a career path. We must encourage that interest going forward."
Other findings of the survey include:
- Nearly a third of teens (29%) said their greatest concern about starting a business is that it's "too risky," while a quarter (24%) don't believe there's "enough money in it." Fewer (18%) said it didn't "fit my personality/skills."
- Most teens (52%) said they need "someone to invest" in their business to consider being an entrepreneur. Nearly as many (51%) said they would need "more information on what it would take to be successful" and (47%) said they would need "support from parents and family." Around a third of teens (38%) would need "friends with similar interest" to team with them, and a similar amount (34%) would need "a role model who is a business owner."
The survey was conducted in support of a virtual event featuring entrepreneur and Shark Tank "shark" Mark Cuban.
As an extension of its digital and experiential learning resources, Junior Achievement is partnering with the Brian Hamilton Foundation, the Mark Cuban Foundation, and Microsoft, to host "Why Entrepreneurship Now: A Virtual Event for America's Teens" taking place live on May 27 at 3 p.m. ET and available as a recording afterward.
Hosted by Harris Faulkner, anchor of Fox News Channel's "Outnumbered Overtime" and co-host of "Outnumbered," this unique interactive event gives teens across America the opportunity to ask questions of some of the country's most experienced entrepreneurs. The panelists offer simple, straightforward strategies to empower participants to start the entrepreneurial journey in their youth and lay the foundation for a successful future.
- Brian Hamilton, National Entrepreneur Educator, Co-founder of Sageworks, Philanthropist, Founder of the Brian Hamilton Foundation and Inmates to Entrepreneurs
- Mark Cuban, Co-star, ABC's "Shark Tank," owner of the NBA's Dallas Mavericks and Author, "How to Win at the Sport of Business" and "Kid Startup"
Students, parents, and teachers can learn more here.
This Youth CARAVAN survey was conducted by ENGINE INSIGHTS among a sample of 1,000 respondents aged 13-17. This survey was live on May 14-20, 2020.
Respondents for this survey were selected from among those who have volunteered to participate in online surveys and polls. The data have been weighted to reflect the demographic composition of the 18+ population. All sample surveys and polls may be subject to multiple sources of error, including, but not limited to sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.
About Junior Achievement of North Florida
Junior Achievement is the world's largest organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs. Junior Achievement of North Florida has been operating in Jacksonville since 1963 and now includes a satellite office in Tallahassee. Through an innovative partnership between the business community, educators and volunteers, Junior Achievement of North Florida helps young people connect with relevant learning and the importance of staying in school. This collaboration resulted in 62,355 students reached during the 2018-2019 school year. To learn more about Junior Achievement of North Florida, visit www.janfl.org.
About the Brian Hamilton Foundation
The Brian Hamilton Foundation's mission is to open the door to entrepreneurship for all Americans by sharing with them the resources necessary to start, run, and grow successful businesses. To learn more, visit https://brianhamilton.org.