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BizReport : Ecommerce archives : June 13, 2014

Survey: College grads hanging out shingles

For college graduation this year more young adults aren't looking for a job. They're looking to start their own business. That's the takeaway from a new CT Corporation survey which shows about 60% of the 500 grads surveyed are interested in starting their own business.

by Kristina Knight

The problem is fewer than half (47%) believe starting a company is feasible; about two-thirds (67%) aren't totally confident in how to start a business.

"It's important for aspiring business owners to understand their legal and compliance obligations when starting a new business as those decisions can have dramatic impact on the short- and long-term viability of the company," said Jennifer Friedman, VP at CT. "At CT, we've worked with more than 300,000 small business owners to support their needs at every stage of their business' lifecycle, from incorporation to state-by-state expansion. We help entrepreneurs make critical decisions with confidence."

Other interesting takeaways include:

• 1 in 5 grads started a business while in college
• 45% say it's 'likely' they'll start their own business
• 1 in 5 say starting a business would give them more security than working for another firm

As for where these college grads might consider setting up shop, a new survey out from Thumbtack shows Texas, Utah and Idaho to be tops among current small business owners. Those states have been ranked as the 'most friendly to SMBs' in every survey from Thumbtack. Professional licensing requirements and ease of tax filing were high on the list of things states are doing 'right' for SMBs.

"Creating a business climate that is welcoming to small, dynamic businesses is more important than ever, but rarely does anyone ask small business owners themselves about what makes for a pro-entrepreneur environment," says Jon Lieber, chief economist of "Thousands of small business owners across the country told us that the keys to a pro-growth environment are ease of compliance with tax and regulatory systems and helpful training programs."

Other interesting findings include:

• SMB owners ranked Rhode Island and California as 'most unfriendly' to SMBs
• Women were more likely than men to believe their state was SMB-friendly
• Kentucky went from a B- on the SMB-friendliness scale in 2013 to an A in 2014

Image via Shutterstock

Tags: CT Corporation, small business, small business trends, SMB tips, SMB trends, Thumbtack

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  • Elayne

    Interesting stats. Would love to have some Canadian ones...



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