promoting entrepreneurship among millennials
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1 Center for American Progress | Promoting Entrepreneurship Among Millennials
Promoting Entrepreneurship
Among MillennialsBy Sarah Ayres Steinberg November 10, 2014
Young Americans wan o sar heir own businesses, bu he weak economy, high
suden-deb levels, and a complicaed legal and regulaory rameworkas well as
radiional views abou who can be an enrepreneur and wha consiues enrepre-
neurshipare holding hem back. More han hal o Millennials oday express a
desire o sar a business, bu ewer o hem are creaing new businesses han previ-ous generaions did a a similar age.1As a resul, our economy will grow a a slower
pace and experience lower levels o boh produciviy and innovaion in he uure.
Moreover, Millennials, who are already suffering some o he wors consequences o
he economic downurn, will miss ou on he opporuniies provided by enrepreneur-
ship, including creaing wealh, improving heir qualiy o lie, and making imporan
conribuions o he economy.
Tis issue brie discusses he hurdles prevening odays youh rom saring businesses.
Generaion Progress brough ogeher groups o young enrepreneurs in hree differen
ciiesOakland, Caliornia; New York; and Columbus, Ohioand asked hem abouheir experiences, he challenges hey have aced, and wha policies hey would recom-
mend o remove he barriers o saring a business. Tis brie discusses he common
hemes ha emerged rom hese discussions and pinpoins he key issues ha should
concern policymakers, educaors, business organizaions, and ohers who wan o
increase he level o enrepreneurship among Millennials.
The interviews cited in this brief took place in Oakland, California, on April 10, 2014; in New York on April 23, 2014;
and in Columbus, Ohio, on May 7, 2014. The roundtables involved 33 people in their 20s and 30s who had started
their own businesses.
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Tese key issues include:
Easing he burden o suden-deb repaymen Developing a sraegic plan o boos enrepreneurship Undersanding social enerprises Promoing he developmen o a diverse enrepreneurial communiy
Creaing ools or navigaing enrepreneurships legal and regulaory ramework Expanding access o early and as capial
Why entrepreneurship?
Enrepreneurship is imporan because sarups play a key role in he economy.
According o research by he Kauffman Foundaion, nearly all o he ne job creaion in
he Unied Saes occurs in firms ha are less han 5 years old. Beween 1977 and 2005,
exising firms los abou 1 million jobs per year, while new firmshose in heir firs
yearadded an average o 3 million jobs.2
In 2007, young firms ages 1 o 5 years oldexcluding sarupscreaed 8 million o he 12 million new jobs added ha year, or
abou wo-hirds o he oal job creaion.3
However, he ac ha new firms creae mos new jobs does no mean ha hey are
inherenly beter han oher firmsor ha hey creae more jobs in he long erm. New
and young firms make up he majoriy o all companies in he Unied Saes, which
means ha heir large role in job creaion is parly srucural.4Moreover, because ewer
han hal o all sarups are sill in business afer five years, i is no clear wheher hey
have such a large posiive effec on job creaion in he long erm.5Neverheless, econo-
miss generally agree ha sarups play an imporan role in job creaion.
New firms do more or he economy han jus creae jobs. Sarups spur innovaiona
key driver o economic growhand new firms have been shown o increase produc-
iviy in he overall economy.6Tis is because sarups conribue o business churn,
which reallocaes labor and capial more effecively, prevening sagnaion and promo-
ing long-erm growh.7
In addiion o promoing growh in he broader economy, enrepreneurship offers
imporan benefis o individuals. People who sar heir own businesses gain indepen-
dence and auonomy. Tey are able o ailor heir work o heir own unique skillses,
choose where hey do business, se heir own hours, and deermine heir working
condiions. I hey are successul, hey gain jobs ha may pay wages superior o wha
hey would earn working or someone else. For Millennials, who are disproporionaely
unemployed or suck in low-wage, low-qualiy jobs, saring a business could offer a
qualiy o lie no oherwise available in his economy.
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o be sure, no everyone is cu ou o be an enrepreneur. A successul enrepreneur mus
have good iniiaive, dedicaion, a high olerance or risk, and a willingness o work long,
hard hourssomeimes or litle pay. Bu or hose who have he righ characerisics,
saring a business can lead o high levels o financial securiy and personal saisacion.
Ye enrepreneurship among Millennials is low relaive o ha o oher generaions.
Looking a esimaes o enrepreneurial aciviy rom 1996 o 2012, he KauffmanFoundaion ound ha during his period, young people experienced a decline in busi-
ness creaion raes, even aking ino accoun he ac ha hese raes have always been
lowes among he younges age group o 20 o 34 years old. During he same ime period,
business creaion raes among older age groups eiher increased or sayed he same.8
Bu young people wan o be enrepreneurs. According o a new poll by he Kauffman
Foundaion and Young Invincibles, 54 percen o 18- o 34-year-olds eiher wan o sar
a business or have already sared one.9Tis is especially rue among young people o
color, wih 64 percen o young Lainos and 63 percen o young Arican Americans
indicaing ha hey wan o sar heir own businesses.10
Despie heir srong ineres,38 percen o all young people surveyed said ha hey have delayed saring a business
because o he economy.11
Common themes
Te ollowing secions deail he common hemes ha emerged rom our discussions
and he key issues ha affec Millennials desire and abiliy o sar heir own businesses.
Ease the burden of student-debt repayment
Roundable paricipans consisenly cied suden deb as one o he bigges hurdles o
saring a business, confirming many expers view ha odays record-high suden-deb
levels are inhibiing enrepreneurship and broader economic growh.
In a recen repor, he Consumer Financial Proecion Bureau explained he impac o
suden deb on small business creaion:
For many young entrepreneurs, its critical to invest capital to develop ideas, market
products, and hire employees. High student debt burdens require these individu-
als to take more cash out of their business so they can make monthly student loan
payments. Others note that unmanageable student debt limits their ability to access
small-business credit; some report being denied a small-business loan because of
student loan debt.12
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Te growh o suden-loan deb beween 2000 and 2010 had a significan negaive
affec on small business ormaion during ha ime, according o a preliminary paper
on research by Bren Ambrose, a proessor o risk managemen a Pennsylvania Sae
Universiy, and Larry Cordell and Shuwei Ma, boh economiss a he Federal Reserve
Bank o Philadelphia.13Indeed, he opic o suden-loan deb elicied groans rom our
discussion paricipans. One paricipan said I don even wan o hink abou i. Im in
orbearance now, bu soon ha ll be $700 a monh I can inves back in my business.Suden-loan deb prevened anoher paricipan rom saring a business alogeher.
My mom owned her own business or years, and I waned o ollow ha pah afer I
graduaed, he said. Bu afer aking on so much suden deb, I realized i jus wasn
he righ ime o ake on more deb.
Moreover, many young enrepreneurs have a high deb-o-income raio as a resul o
heir suden deb. Tis makes i hard or hem o ake ou loans and limis heir abil-
iy o expand heir businesses. Ye paricipans waned o make i clear ha hey valued
heir respecive educaions. As one paricipan pu i , Is a double-edged sword because
I wouldn be here wihou my educaion, bu i means I need o be more serious abouhe paper chase.
Some had clear ideas abou wha can be done o reduce he negaive effec o suden
deb on small business creaion. One paricipan saed ha We should allow suden
borrowers o refinance heir deb a he same levels banks borrow rom he govern-
men. In he repor Is Our Ineres: Te Need o Reduce Suden Loan Ineres
Raes, he Cener or American Progress proposed allowing borrowers o refinance
heir suden loans.14Lowering ineres raes would allow sruggling borrowers and
would-be enrepreneurs o lower heir monhly paymens, reeing up income o inves
in new businesses.
Anoher possibiliy, also discussed in he recen Cener or American Progress repor
How Qualified Suden Loans Could Proec Borrowers and axpayers, is he
esablishmen o Qualified Suden Loans ha canno be discharged in bankrupcy.15
Suden-loan deb, unlike mos oher debssuch as credi card debis generally no
dischargeable in bankrupcy. As a resul, suden deb can ollow borrowers o he grave,
and hose who ail o make paymens see heir wages garnished, heir ax reunds aken,
and heir Social Securiy checks seized.16Creaing Qualified Suden Loansclear
and public sandards or loans ha canno be easily discharged in bankrupcywould
expand opions or roubled borrowers, improve ransparency in higher educaion, and
encourage more pruden suden lending.
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Develop a strategic plan to boost entrepreneurship
Many organizaionsrom governmen agencies, o chambers o commerce, o
business schoolsaim o suppor business developmen. Bu paricipans in our
discussions believed ha hese organizaions ofen lack a sraegic plan o suppor
enrepreneurship ha is boh inormed by business owners and effecively adverised
o businesses. As one business owner pu i, Why isn he mayor convening conversa-ions like his [roundable]?
Wih regard o he governmens role, paricipans noed ha he governmen oo ofen
ails o direc resources oward public invesmens ha would mos benefi business
creaion. According o one business owner, Money in his ciy should go owards hings
ha raise he qualiy o lie. Everyone wans ransi, bu nobody wans o pay or i.
Anoher added, Is imporan o look no jus a he coss o public invesmens, bu o
look a he cos-benefi raio.
Specifically, paricipans criicized governmens or ailing o inves in adequae inra-srucure. One business owner poined ou ha he owner o an Inerne business in her
ciy is unable o ge reliable Inerne access in he downown business disric. Any sra-
egic plan or bolsering enrepreneurship mus include invesmens in he inrasrucure
necessary o suppor new businesses.
Te subjec o he ax code also came up, wih paricipans agreeing ha i poses a hin-
drance o small business creaion. As one business owner explained, We need progres-
sive ax reorm. Te ax code is oo complex and big corporaions use expensive lawyers
o pay no axes, while he sel-employmen [axaion rae] is oo high.
Roundable paricipans did no jus criicize governmen or lacking effecive sraegic
plans o promoe enrepreneurship; hey noed ha universiiesand business schools in
paricularalk a lo more abou connecions and resources han hey acually provide
or enrepreneurs. One business owner was orced o swich o an online degree afer
his MBA program ailed o offer flexible class imes. Tere was also a sense ha business
organizaions could do more oureach and adverising regarding heir services. Discussion
paricipans widely agreed ha he Chamber [o Commerce] and oher organizaions ha
provide services o businesses are errible abou saying wha services hey provide.
Governmens, universiies, and business organizaions should develop sraegic plans
o suppor enrepreneurship. In doing so, hey should specifically seek ou he inpu o
young business owners and enrepreneurs. Te young people in our discussion groups
emphasized ha i was difficul o make heir voices heard over he needs o he esab-
lished old boys nework. One business owner, explaining how an effor o improve
Inerne inrasrucure in his ciy ell apar, said One imporan person complained and
he ciy caved and said is oo much work. I you aren in he old boys nework, is
hard o ge anyone o lisen.
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Organizaions should also seek o expand and replicae programs ha are proven o help
young enrepreneurs. Paricipans in our discussions highlighed a number o local and
naional organizaions ha were paricularly helpul when i came o saring businesses.
Tese included he Brooklyn Small Business Developmen Cener, which offers ree
echnical assisance o sarups, and NYC Business Soluions, a division o he NYC
Deparmen o Small Business Services ha offers ree services o enrepreneurs, includ-
ing business courses, legal assisance, and assisance o navigae governmen.17Troughis Fasrac program, he Kauffman Foundaion provides classroom-based raining or
enrepreneurs looking o sar or grow heir businesses.18
Understand social enterprises
Public opinion polling has shown ha Millennials are uniquely driven o promoe social
good, and he enrepreneurs in our discussion groups were no excepion. Millennials are
civic minded, demonsraing higher raes o voluneerism han heir parens showed in
he 1970s and 1980s.19
Tis commimen o communiy exends o Millennials careerambiions. Sixy-one percen o 18- o 26-year-olds polled in a 2011 Deloite Voluneer
IMPAC survey said hey would preer o work or a company ha offers voluneer
opporuniies.20Anoher survey ound ha more han 90 percen o MBA sudens are
willing o orgo financial benefis in order o work or an organizaion wih a beter repu-
aion or corporae social responsibiliy and ehics.21Millennials value job ulfillmen
over moneary reward, and heir job ulfillmen is highly correlaed wih he eeling ha
heir work makes a valuable conribuion o sociey.22
Indeed, many o he business owners in our discussion groups had sared companies
wih a social mission, and hey expressed ha oo many radiional organizaions se upo suppor enrepreneurs ailed o undersand mission-driven businesses. One business
owner explained, I sruggled wih no having somehing innovaive enough because
Im no developing a produc and a lo o hings are very produc-driven. People aren
oriened o a culure change projec, and hey kep asking me Whas he app? Whas
he new echnology?
Governmens, business organizaions, oundaions, and universiies should recognize
ha many Millennials wan o inegrae social change ino heir business plan, and
hese organizaions should incorporae an undersanding o social enerprise ino he
services hey provide. Alhough radiional sources o financial assisance and business
suppor are ofen highly profi driven, many young people eel ha promoing social
change is jus as imporan as making a profi. One business owner explained, I my
business is sel-susaining and can mainain a saff, has enough or me. Anyhing on
op o ha is a bonus.
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Promote the development of a diverse entrepreneurial community
Paricipans in our discussion groups emphasized ha a srong and diverse enrepre-
neurial communiy was an imporan acor in where hey decided o locae heir busi-
nesses. One business owner explained, Our generaion has a sense o communiy, and I
like o eel he rush o communiy. He wen on o describe visiing a riend in New York
Ciy, saying ha Tey run a ping pong league or ech businesses, and i made me wano be a par o ha communiy. Tas why people go o he coass, because hey have
ha srong communiy.
For he paricipans in our discussion groups, communiy building was jus as impor-
an as financial resources. As one business owner pu i, Money isn going o solve
all he problems. We need o creae srong neworks, srong local supply chains, and
build real communiy.
Young businesspeople wan his communiy o be boh inclusive and diverse.
Millennials are he mos racially and ehnically diverse generaion in our naionshisory, and he business owners we spoke o waned o see ha diversiy refleced in
heir local enrepreneurial communiies. Paricipans complained ha segregaion and
lack o diversiy in heir ciies and communiies hinder innovaion and creaiviy. One
person noed, One challenge is segregaion in his ciy. One par o he ciy has is own
communiy and he oher par o he ciy isn conneced o he cool kids. Teres no
enough diversiy in he enrepreneurship communiy. Everybody looks alike. Ohers
agreed, poining ou ha here are huge demographics ha are no engaged, and he
ciy is diverse, bu ehnic communiies are also isolaed.
Business owners and business associaions can build communiy by creaing places orenrepreneurs o work and inerac wih each oher, including incubaors and accelera-
ors; organizing social evens such as compeiions and mixers; esablishing proessional
organizaions; planning Meeups; hosing esivals and conerences; and iniiaing any
oher aciviies designed o bring ogeher a diverse communiy o businesspeople.
Paricipans also el ha menorship should be par o developing a srong sarup
communiy. One young business owner noed ha No every businessperson wans
o give away all heir inormaion o he compeiion, bu someimes more esablished
people are in a posiion o waning o be a menor. Organizaions could do more o
ideniy hose people and connec hem o people who are jus are saring ou. Oher
paricipans poined ou ha even srucured peer-o-peer menoring could be valuable,
as hey ofen sruggle o find he ime o nework and engage wih oher enrepreneurs
heir own age.
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Create tools for navigating state and local legal and regulatory frameworks
While roundable paricipans acknowledged ha paperwork is necessary o sar and
run a business, hey poined ou a number o areas where governmens could help busi-
nesses more efficienly navigae heir legal and regulaory requiremens. One business
owner summarized his recommendaions simply, saying Forms should be elecronic,
you should ge a quick response, and you should be able o call a phone number and alko a human when you have a quesion.
Licensing and permiting were cied as an issue ha causes needless cos and conu-
sion or new business owners. One sarups build-ou was delayed six monhs due o
he zoning boards slow response, and anoher business was hi wih an unexpeced
$10,000 fine or a parking lo ha wasn supposed o be a parking lo, even hough
i had been used as one by individuals and businesses or years. One paricipan said
ha he waned o ollow he rules, bu ha heres no resource o ask wha are he
rules I migh be breaking?
Forunaely, as one business owner poined ou, open daa can make navigaing
zoning so easy. For example, San Francisco has parnered wih License123 o creae
a one-sop shop or enrepreneurs and small business owners. Here, hey can search
and discover all he documenaion ha hey need o sar a business in he ciy.23Te
prospecive business owner eners he indusry, ype o business, and locaion and
is immediaely provided wih all he ciy, sae, and ederal permi and license orms
required o sar he business. Oher ciies should consider similarly sreamlining heir
paperwork requiremens.
Anoher challenge ha small business owners ace is applying or he advancedpremium ax credi or healh insurance purchased hrough he Healh Insurance
Markeplace. Because o he difficuly o esimaing income, one new business owner
spen our monhs rying o ge healh insurance. He explained, I ended up aking a
handwriten leter and alking o a human who has had personal experience wih ree-
lancing. Te U.S. Deparmen o Healh and Human Services should look ino sream-
lining he process or sel-employed workers o apply or he premium ax credi or
healh insurance purchased hrough he Healh Insurance Markeplace.
Expand access to early and fast capital
All enrepreneurs mus secure financing or heir businesses, usually hrough loans,
grans, and venure capial. Paricipans in our discussion groups raised wo issues ha
posed a challenge when hey were raising capial o sar heir businesses.
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Te firs was access o early seed capial. radiionally, enrepreneurs are expeced o
raise money firs rom heir riends and amily as lenders or gran-makers look o his
early undraising as a sign o a companys viabiliy. However, he riends and amily o
young enrepreneurs who come rom less privileged backgroundsincluding many
young people o colorofen do no have significan financial resources o inves in
heir business ideas. As one business owner explained, I don have riends and amily
who can kick in housands o dollars, so he whole enrepreneurship srucure doesnreally work or me.
Te second issue was he amoun o ime i ook o receive unding rom various eni-
ies. One business owner described a nighmare experience wih he Small Business
Adminisraion in which i ook five monhs afer being approved or a loan o acually
ge he unding. Our discussion paricipans also criicized privae oundaions. Tey
poined ou ha he gran world is a job in isel and described he long, difficul
process o applying even or relaively small grans o less han $10,000.
A leas one oundaion, he John S. and James L. Knigh Foundaion, is experimen-ing wih as financing or sarups. Afer submiting a five-minue descripion o heir
idea, applicans hear back rom unders wihin our weeks regarding ineres in heir
projecs.24Foundaions should consider creaing similar programs ha offer quick urn-
around or as-moving ideas, especially hose relaed o digial innovaion.
Conclusion
Millennials ace no small share o challenges in odays economy, including high unem-
ploymen levels, low-wage jobs, ever-increasing college coss, and crippling suden-deblevels. Boosing enrepreneurship is key o growing he economy as a whole and o
creaing financial opporuniies ha his generaion o young people migh no have oh-
erwise. Promoing sarup creaion among Millennials will require acion rom govern-
men, indusry, privae nonprofis, and enrepreneurs hemselves.
Sarah Ayres is a Policy Analyst on the Economic Policy team at the Center for American
Progress.
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Endnotes
1 Robert W. Fairlie, Kauffman Index Of Entrepreneurial Activ-ity (Kansas City: Ewing Marion Kauffman Foundation, 2012),available at http://www.kauffman.org/~/media/kauff-man_org/research%20reports%20and%20covers/2013/04/kiea_2013_report.pdf.
2 Ewing Marion Kauffman Foundation, The Importance ofStartups in Job Creation and Job Destruction (2010), avail-able at http://www.kauffman.org/what-we-do/research/firm-formation-and-growth-series/the-importance-of-startups-in-job-creation-and-job-destruction.
3 Dane Stangler and Robert E. Litan, Where Will The JobsCome From? (Kansas City: Ewing Marion Kauffman Foun-dation, 2009), available at http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20cov-ers/2009/11/where_will_the_jobs_come_from.pdf.
4 Dane Stangler and Paul Kedrosky, Neutralism and Entrepre-neurship: The Structural Dynamis o f Startups, Young Firms,and Job Creation (Kansas City: Ewing Marion KauffmanFoundation, 2010), available athttp://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20cov-ers/2010/09/firmformationneutralism.pdf.
5 Robert Ray Dilger, Small Business Administration and JobCreation (Washington: Congressional Research Service,2013), available at http://digitalcommons.ilr.cornell.edu/cgi/viewcontent.cgi?article=2019&context=key_workplace.
6 Douglas Holtz-Eakin and Chihwa Kao, Entrepreneurshipand Economic Growth: The Proof Is in the Productivity.Working Paper 50 (Syracuse University Center for Polic yResearch, 2003), available at http://www.maxwell.syr.edu/uploadedFiles/cpr/publications/working_papers2/wp50.pdf.
7 John Haltiwanger, Job Creation and Firm Dynamics in theUnited States. In Josh Lerner and Scott Stern, eds. Innova-tion Policy and the Economy,vol. 12 (Chicago: University ofChicago Press), available at http://www.nber.org/chapters/c12451.pdf.
8 Fairlie, Kauffman Index Of Entrepreneurial Activity.
9 Ewing Marion Kauffman Foundation, Young InvinciblesPolicy Brief (2011), available at http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2011/11/millennials_study.pdf.
10 Ibid.
11 Ibid.
12 Rohit Chopra, Student Debt Domino Effect?, ConsumerFinancial Protection Bureau, May 9, 2013, available athttp://www.consumerfinance.gov/newsroom/student-debt-domino-effect/.
13 Brent W. Ambrose, Larry Cordell, and Shuwei Ma, TheImpact of Student Loan Debt on Small Business Formation.Working Paper (Pennsylvania State University and the Fed-eral Reserve Bank of Philadelphia, 2014), available at http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2417676_code17092.pdf?abstractid=2417676&mirid=1.
14 Anne Johnson and Tobin Van Ostern, Its Our Interest: TheNeed to Reduce Student Loan Interest Rates (Washing-ton: Center for American Progress, 2013), available athttp://americanprogress.org/issues/higher-education/report/2013/02/13/53061/its-our-interest-the-need-to-reduce-student-loan-interest-rates/.
15 Joe Valenti and David Bergeron, How Qualified StudentLoans Could Protect Borrowers and Taxpayers (Wash-ington: Center for American Progress, 2013), available athttp://americanprogress.org/issues/higher-education/report/2013/08/20/72508/how-qualified-student-loans-could-protect-borrowers-and-taxpayers/.
16 Federal Student Aid, Understanding Default, availableathttps://studentaid.ed.gov/repay-loans/default (last ac-cessed June 2014).
17 NYC.gov, Everything You Need To Know About Paid SickLeave, available at http://www.nyc.gov/html/sbs/nycbiz/html/home/home.shtml(last accessed June 2014).
18 Ewing Marion Kauffman Foundation, Kaufman FastTrac,available at http://fasttrac.org/(last accessed June 2014).
19 Youth Volunteering Rate Much Higher than in the 1970sand 80s CIRCLE, May 3, 2011, available at http://www.civicyouth.org/youth-volunteering-rate-much-higher-than-in-the-1970s-and-80s/.
20 Deloitte, Deloitte Volunteer IMPACT Survey (2011),available at http://www.deloitte.com/assets/Dcom-United-States/Local%20Assets/Documents/us_2011DeloitteVolunteerIMPACTSurvey_datatable_060311.pdf.
21 David B. Montgomery and Catherine A. Ramus, CorporateSocial Responsibility Reputation Effects on MBA Job Choice.Working Paper 1805 (Stanford University Graduate Schoolof Business, 2003), available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=412124.
22 iOpener Institute for People and Performance, Job fulfil-ment, not pay, retains Generation Y talent (2012), availableathttp://www.iopenerinstitute.com/media/73185/iopener_institute_gen_y_report.pdf.
23 City and County of San Francisco, San Francisco BusinessPermits and Licenses, available at http://sf.license123.com/(last accessed June 2014).
24 John S. and James L. Knight Foundation, Apply for Funding,available at http://www.knightfoundation.org/apply/(lastaccessed June 2014).
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