Survey: Parents Extremely Supportive of Their Teens' Entrepreneurial Dreams, but Most Teens Don't Have Them

Colorado Springs, Colo. New research conducted by ORC International on behalf of Junior Achievement (JA) and EY shows that nearly nine-in-ten parents (88%) would be extremely or very likely to support their teen's interest in becoming an entrepreneur as an adult, but less than one-in-three teens (30%) demonstrate that same level of enthusiasm for starting a business. For teens, the greatest concerns for starting a business include it being "too risky" (31%) and "not enough money in it" (22%). Only 16 percent of teens indicate they have no concerns about trying. Conversely, 53 percent of parents have no concerns about their teen starting a business as an adult. Those citing concerns focused on it being "too risky" (27%) and there being "not enough money in it" (9%).

"These results speak to some of the challenges facing the nation when it comes to business creation, " said Jack Kosakowski, President and CEO of Junior Achievement USA. "Since the Great Recession in 2008, the country has been experiencing a net decline in business start-ups. Today's young people grew up in the shadow of the Financial Crisis, which may explain their risk-aversion when it comes to taking the entrepreneurial leap. This is why we need to promote the benefits of entrepreneurship early and often."

The survey was conducted to coincide with EY's support of Junior Achievement's JA Launch Lesson, a program delivered by community entrepreneurs whereby high school students gain firsthand knowledge about starting a business and the entrepreneurial journey. JA Launch Lesson is a 50-minute educational experience that creates a point-of-entry for students, volunteers, and educators.

Starting in November during National Entrepreneurship month, the JA Launch Lesson program will be delivered by entrepreneurs in classrooms, after-school facilities, and other student venues across the United States. Entrepreneurs are given the opportunity to connect with students, provide relevant information about their company and entrepreneurial journey, and share advice and next steps for students who are interested in starting their own business.

Teens were also asked what they would need in order to consider becoming an entrepreneur. About half said they would need "more information on what it takes to be successful" (51%), "investors" (50%) and "support from parents" (49%). About a third said they would need "a role model who is a business owner" (35%) and "friends with a similar interest" (32%).

"Entrepreneurs are the driving force behind growth and positive change, and at EY we believe it is vital to help enable our future generation of innovators, " said Randy Cain, Vice Chair and Southwest Region Managing Partner, Ernst & Young LLP, and JA USA board member. "Creative, hands-on programs such as JA Launch Lesson are critical to providing our youth with the tools, information and resources necessary to succeed when starting their own business."

Methodology

This report presents the findings of surveys conducted among a sample of 1, 007 parents of children ages 13-17 and a sample of 1, 005 13-17-year-olds.  The surveys were live on October 3-8, 2017. 

Respondents for these surveys are selected from among those who have volunteered to participate in online surveys and polls. Because the sample is based on those who initially self-selected for participation, no estimates of sampling error can be calculated. All sample surveys and polls may be subject to multiple sources of error, including, but not limited to sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.

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