A recent survey conducted by CT Corporation finds that many college graduates have their sights set on the business world. In fact, a startling 61 percent of those surveyed want to start their own businesses, despite the growing stability of the current job market. Of those, 45 percent think that it’s very likely they will do so, and 20 percent have already started a business of their own while still in college. Of those who admit that it’s highly unlikely that they’d ever start a business, 30 percent still say they would like to given the right circumstances.
While over half of those graduates surveyed admitted that they would like to be their own boss, interestingly 45 percent of those who want to start their own businesses actually believe it’s really feasible. In addition, 67 percent of college graduates admitted to not understanding the tools and tasks required to develop and launch a small business (specifically, 66 percent don’t understand the incorporation process, 59 percent don’t know how to prepare a marketing and/or business plan, 54 percent don’t know how to obtain a domain name for their business website, and 45 percent don’t know how to come up with a compelling name to help brand their business).
The survey also uncovered some common fears shared by recent graduates concerning the risks involved in launching a new business. Only 21 percent of those surveyed believe that starting their own business offers more security than getting a job. However, many feel that this may change as they get further into their careers. In fact, when they look ahead 10 to 20 years, 51 percent of respondents say that they would feel more secure starting a business at that time than taking a job.
The CT Corporation survey canvassed 500 recent college graduates on a national scale (defined as either having graduated within the past 12 months or in May 2014).
CT Corporation. “CT Corporation Survey Shows Entrepreneurial Spirit Thriving Among Recent College Graduates.” Market Wired. 6/12/14.
Lesonsky, Rieva. “College Graduates Want to Start Businesses—But Are They Ready?” Small Biz Daily. 6/24/14.