Budding Entrepreneurs

THE ENTREPRENEURIAL spirit is alive and well among recent college graduates, according to a new survey by CT Corporation, a provider of business formation and legal compliance services.
Budding Entrepreneurs

But even individuals who want to start their own businesses sometimes lack the skills, according to the survey of 500 recent graduates.

Sixty-one percent of CT’s survey respondents want to start their own businesses, but only 45 percent believe the dream is feasible. Furthermore, 67 percent don’t fully understand critical tasks such as preparing a business plan, incorporating a business, and fulfilling state requirements. Respondents are also uncertain about other specific tasks related to launching a business: 45 percent don’t think they can come up with an original business name, 54 percent don’t think they can obtain a domain name, and 59 percent aren’t sure how to market their businesses.

Respondents are most uncertain about launching a new enterprise within three to five years after graduation; just 21 percent feel that starting their own businesses during that time frame would make them more secure than getting jobs with existing companies. However, 51 percent believe that, ten to 20 years after graduation, they’d feel more secure starting their own businesses rather than working with existing companies.