Is The United States The Best Place To Be A Young Entrepreneur?
Young entrepreneurs are always saying that they don’t have the resources around them to start a business. A new study out of England suggests, however, that young Americans might be better off than their British counterparts.
According to The Prince’s Trust, a UK based youth charity which focuses on entrepreneurship, more than a third of England’s young people want to start a business but a lack of support at school means few achieve their dreams.
A report marking 25 years of The Prince’s Trust Business Programme reveals that 38% of young people in the region would like to start their own business, but less than 6% have actually done it.
More than a third (36%) cited high start-up costs as the biggest barrier to starting a business, while almost three-quarters (71%) believe that schools and colleges encourage safe, conventional careers rather than supporting aspiring entrepreneurs.
More than three-quarters (76%) of England’s young people also claim careers advisors do not mention starting a business as a career option.
The survey of more than 1,000 young people nationwide also revealed their concerns about the current economic climate. However, almost one in five of England’s young people (18%) stated that they would start their own business if they lost their job during a recession.
Almost half (45%) of young people interviewed believe that the United States does the most to encourage and support young entrepreneurs, compared with only 8% claiming the UK as the leader for enterprise.
Almost three-quarters (71%) of young people want the Government to provide tax relief and low-interest loans to young entrepreneurs. At present, 74% believe that only well-off people can afford to start a business in the UK and that today’s entrepreneurs are most likely to be white, middle-class, middle-aged men.
What do you think of the survey results? Is The US the best place to be a young entrepreneur? What do you think are the biggest challenges facing young entrepreneurs today?
Evan CarmichaelYoungEntrepreneur.com Blog Manager
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4 Comments so far
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‘…almost three-quarters (71%) believe that schools and colleges encourage safe, conventional careers rather than supporting aspiring entrepreneurs.’
^^ That is the most important point. Everything else is just an excuse. The real problem is the lack of the ‘can do’ attitude. Every kid should have a role model that teaches them that.
However, universities are not the place to put the blame. It’s far easier to encourage entrepreneurship at a much younger age. Easier to destroy it too.
America really is a wonderful place to be an Entrepreneur. Business owners receive great tax breaks that no employee can touch.
I do agree that the United States does have more resources and supports for young entrepreneurs. One good example is YCombinator and their startup programs and events.
Besides that, I don’t think any school can teach young people to have the drive and persistence to be an entrepreneur. If someone has enough desire to have their own business then they will find ways to do it no matter where they are or what they have. I think the biggest challenge facing young entrepreneurs today is still the same from ten years ago, that is being persistent and having the drive to overcome any obstacles.
As a young entrepreneur myself, I think that there are so many resources in America that can facilitate business growth. For example, I have just read John Assaraf’s new book “The Answer” and it is amazing! It is a totally new approach to business growth, you should all check it out.
But the best part is, the authors are also hosting a Million Dollar Business Makeover campagin where they are giving away a million dollars in prizes. No joke, already I have won free downloads AND a ticket to their conference in Las Vegas. I figure I might as well share the information, you can sign up at www.themilliondollarbusinessmakeover.com! Good Luck