Entrepreneurial dreams are still vibrant for young Americans, according to a new Gallup poll.
Among 1,721 students in grades 5 through 12:
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The poll was done in partnership with Operation HOPE, a nonprofit founded after the 1992 Los Angeles riots following the acquittal of police officers in the beating of Rodney King. On its website, HOPE, dedicated to financial literacy and economic empowerment, says it has reached 1.2 million people in 70 U.S. cities, South Africa and Haiti.
The Gallup findings are in line with a separate Junior Achievement survey of U.S. teens in November, 2010, that reported 51% of respondents would like to own their own business some day. That telephone survey of 1,000 people between the ages of 12 and 17 was sponsored by Sam’s Club.
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Source: Junior Achievement
That enthusiasm for business ownership has been dropping over time on the Junior Achievement survey. It peaked in 2006 when 70.9% said they would like to own a business some day.
Students’ entrepreneurial energy comes at a time when Americans say unemployment is the top problem the U.S. faces. That separate Gallup poll in September reported 39% of respondents said unemployment is most important compared to 28% who said the economy in general is.
Gallup’s student entrepreneurial poll found qualities typical of entrepreneurs in youngsters. Most (91%) students say they are not afraid to take risks, even if failure is a possibility, that their mind never stops (91%), and that they never give up (85%).
Despite their energy and ambition, the poll suggests many students are not getting the education and work experience they need to help achieve their goals. While 87% agreed that the more education they get, the more money they will make, but fewer are getting practical knowledge and experiences that will be useful in the workforce.
- 58% have a bank or credit union account with money in it
- 54% learn about money and banking in school
- 50% say their school offers classes in how to start and run a business
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