Research by Junior Achievement Shows Teens' Interest In Startups Is Still High, Despite Pandemic's Impact on Small Business
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 Marcia Forston, President & CEO. "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 partnered with the Brian Hamilton Foundation, the Mark Cuban Foundation, and Microsoft, to host "Why Entrepreneurship Now: A Virtual Event for America's Teens" on May 27 at 3 p.m. ET.
Hosted by Harris Faulkner, anchor of Fox News Channel's "Outnumbered Overtime" and co-host of "Outnumbered," this unique interactive event gave teens across America the opportunity to ask questions of some of the country's most experienced entrepreneurs. The panelists offered simple, straightforward strategies to empower participants to start the entrepreneurial journey in their youth and lay the foundation for a successful future.
Panelists included:
- 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 view the recording here.