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Latest News / Millennials view entrepreneurship as vital to economic success

 

A new research report, released by the Economic Innovation Group, reveals that millennials view entrepreneurship as a positive career choice, and a vital part of a strong economy. However, risk adversity is a significant barrier.

The Millennial Economy, which polled over 800 18-34 year-olds, reveals that entrepreneurship is viewed in a positive light by the majority, and 72% view it as essential for creating jobs and driving innovation. The report also suggests that over half of millennials view working for a start-up as a sign of success, and 78% state that they know someone working in a start-up who they consider to be a success. In total, 62% of respondents say they have considered starting their own business.

Approximately one in five believe that starting their own enterprise offered them the best career prospects. Despite coming behind the most popular answers of working with a single company for their career, and moving between companies to advance, the 22% that favour entrepreneurship demonstrates a very positive attitude towards entrepreneurship as a career choice. In addition, the report attributes greater levels of risk adversity to their older peers as a key reason for the resistance to view starting a venture as the best decision.

Other barriers identified by the report include distrust of traditional institutions, and the view that despite seeing themselves as a hard working they feel that entrepreneurial success is out of their reach. Access to capital is identified as the largest barrier, with 42% citing it as their reason for not starting-up.

 


 

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