YOUNG MONEY® Magazine Survey: Young Entrepreneurs Not Shouting 'Show Me the Money'

According to a recent survey, young adults with an interest in business ownership are motivated by personal goals rather than thoughts of a bigger income.

Orlando, Fla. (PRWEB) June 20, 2007 -- Thoughts of business ownership are in the air for many young adults, even as they spend their summer days working in local ice cream shops, retail stores and law firms. While away from the classroom, many students across the country are learning valuable lessons and soaking up as much business savvy as possible, with hopes of pursuing their own entrepreneurial dreams.

According to a recent YOUNG MONEY® magazine survey entitled "Legacy in the Making", two- thirds of young adults with an interest in entrepreneurship are focused on becoming business owners to fulfill a personal goal or to enjoy a sense of independence and accomplishment. Only 15 percent of those surveyed are motivated by higher earnings potential.

The nationwide survey, released in January 2007, gauged the financial attitudes and behaviors of young adults between 18 and 24 with an interest in entrepreneurship. Participants were surveyed on a variety of entrepreneurial issues such as business skills, financial concerns and overall motivation.

In regards to education and business preparation, three-quarters of young entrepreneurs have not taken an undergraduate or graduate course on entrepreneurship. In fact, less than one in ten thought that business seminars or courses on entrepreneurship would be most helpful in starting a business. The vast majority of survey participants (80 percent) believe that being mentored by an experienced business owner, interning or job shadowing would be the most helpful tools in starting a businesses.

"While entrepreneurial programs are growing in popularity across the country, they are not available everywhere. Budding entrepreneurs are quite smart to seek the insights and knowledge of accomplished business owners, while building their résumés through on-the-job experiences," noted Rebecca Stiehl, president and chief executive of InCharge® Education Foundation, a national nonprofit organization specializing in personal finance education and research and publisher of YOUNG MONEY. "At Young Money magazine, we listen closely to our readers and are proud to provide these young adults with additional tools and financial know-how to help make their dreams become a reality."

The online survey also found that young adults are most interested in sales, computer-related and restaurant type businesses. Sixty percent of young entrepreneurs view the lack of start-up capital as the biggest obstacle to starting a business.

The experts at YOUNG MONEY magazine offer a variety of articles and resources on their Web site (www.youngmoney.com) to help prospective entrepreneurs. Current articles include: "How to Start a College Entrepreneurship Club" and "Should You be an Employee or an Employer? Find out if Entrepreneurship is Right for You."

YOUNG MONEY is a bi-monthly magazine focused on young adult financial issues, and distributed at college campuses nationwide. YOUNG MONEY magazine reaches more than 750,000 college students on 124 campuses in the United States. To learn more, visit www.youngmoney.com.

The "Legacy in the Making" survey was administered by independent research organization Amplitude Research in late 2006 on behalf of YOUNG MONEY. To read the complete version of the "Legacy in the Making" report, please visit: www.inchargefoundation.org/research/reports-publications/2.

Headquartered in Orlando, Florida, InCharge® Institute of America, Inc., is a national nonprofit organization with affiliates specializing in personal finance education and credit counseling. InCharge® Education Foundation, Inc., publishes YOUNG MONEY® magazine and Military Money® magazine and offers basic financial management education to clients and the general public. InCharge® Debt Solutions provides professional credit counseling and financial education services to consumers and is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA). For additional information, visit http://www.incharge.org.

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