Poll: Most Young Blacks Seek Entrepreneurship

African-American milliennals haven’t let the slow economy shut down dreams of business ownership.

Posted: 11/14/2011 08:04 AM EST
Filed Under unemployment, Economy

Young Blacks,jobs,Entrepreneurship

Amid dismal Black unemployment numbers and global financial woes, a new poll shows that most African-American young people aren’t deterred by the gloomy news and still seek to become entrepreneurs despite the obstacles.

A Kauffman Foundation poll released last week showed that among African-American millennials (those aged 18-34), 63 percent have aspirations to start their own businesses. However, although the desire for business ownership is there, the poll results showed that only five percent of the young African-Americans surveyed currently owned those business they dream about. Nearly half of young Blacks asked said that their plans for entrepreneurship are on hold because of the rough economy; a sentiment that was shared by young people across other racial groups as well.

In an effort to address the issues faced by those heading out on the rocky road of entrepreneurship, Global Entrepreneurship Week seeks to provide guidance and encouragement to “the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare.” From Nov. 14 through Nov. 20, events aimed at inspiring people to strike out on their own as entrepreneurs will take place in 115 countries across the globe.

In addition to the global campaign, the White House has launched a few of its own initiatives to stimulate business ownership here at home. Earlier this year, the Obama administration launched Startup America to “celebrate, inspire and accelerate high-growth entrepreneurship throughout the nation,” and, in addition, President Obama has declared November National Entrepreneurship Month to celebrate Americans whose contributions have stimulated the nation’s economy.

Find out more information about Global Entrepreneurship Week at http://unleashingideas.org and find out how you can make this year the one you finally start your business.

Tell us: What’s your big business idea?

(Photo: REUTERS/Shannon Stapleton)