entrepreneurship 2018 -...

ENTREPRENEURSHIP2018

Women’s Point-of-View

Methodology

Field Dates

March, 2018

Survey Method

100% Online Nationwide

Screening Criteria

› 18-64 years of age

› Self-identify as a White, Hispanic, African American or Asian

EntrepreneurshipResearch

› Interest in starting businesses

› Industries chosen

› Revenue goals

› Motivations

› Barriers

› Awareness of support services

› Utilization of support services

This report compares entrepreneurs of different ages, ethnicities and genders and measures differences in:

Base Sizes

1291Total

Hispanics WhitesAfrican

Americans Asians

516 259 258 258

2

722Females 312 137 129 144

ThinkNow Research

3

Online PanelOver 50,000 respondents to recruit from

Nationally-representative, per Census

Unique recruitment model that encompasses online and offline recruitment methods such as Spanish-language television advertising

ResearchFortune 500 clients

Over 30 years of research experience specifically in the Hispanic market

Only Hispanic market research company that owns and operates an in-house panel

ThinkNow Research provides innovative online market research solutions for companies looking to understand the U.S. Hispanic consumer. We specialize in researching the U.S. Hispanic demographic and other hard-to-reach consumers in order to deliver high-quality research to our clients that bear actionable and meaningful results.

Experts In Hispanic Market Research

Table of Contents

4

• Success and Business Ownership……………......……………...………6

• Business Ambition………………………………………..………………..…...12

• Motivations…………………………..…………………..……………………..….16

• Obstacles/Challenges…………………………………………………………..21

• Business Owner Resources…………..……………..……………………….28

• Appendix………………………………………….…………………..……………..35

“Entrepreneurship rates are half of what they were a decade ago” - Kaufman Foundation 2018

Key Findings

Women perceive business ownership as a strong indicator of success.

Women are open to entrepreneurship; half currently have their own business or are interested in starting one.

Interest in entrepreneurship declines with age.

While personal growth is the main motivator for starting a new business (same as with men), being able to work from home and having a better work-life balance are stronger motivators for women.

Financial resources represent a challenge for both running a business and for aspiring owners. Women are significantly more likely than men to cite it as a challenge/barrier.

Awareness of small business resources is more limited among women than men; only about one in five women have used any of these resources (twice as many men have done so.)

Success and Business Ownership

6

Close to 1-in-2 women are interested in having or already have their own business.Interest in starting a business is felt much stronger among men than women.Twice as many women than men ‘never’ thought of owning a business.

Interest in Entrepreneurship by Gender

8% 11%6%

17%

22%

11%

13%

13%

12%

6%

6%

6%

12%

11%

13%

45%37%

52%

Total Market Women(K)

Men(J)

Yes, but I have not started yet.

I already own my business.

No, but I owned a business in the past.

No, but I thought of owning business in the past.

No, I have never thought of owning business.

I do not know.

K 66%K

48%

E2. Are you interested in starting your own business or becoming a business owner? Base size: Total Market (n=1291), (Women (n=722), Men (n=569)

7

Letters indicate statistically significant difference (95% confidence)

J

J

Hispanic women, followed by African American, report the highest interest in owning their own business.Consistent with this findings, a study by Stanford Graduate School of Business* states that twice as many Hispanic and African American than White Millennials report interest in starting their own business.

E2. Are you interested in starting your own business or becoming a business owner? Base size: Total Women (n=722), Hispanics (n=312), Whites (n=137), African-American (n=129), Asian (n=144)*Source: State of Latino Entrepreneurship. https://www.gsb.stanford.edu/sites/gsb/files/publication-pdf/report-slei-state-latino-entrepreneurship-2017.pdf

8


11% 12% 10% 12% 10%

6% 4% 8% 3% 5%

13% 14% 11% 18%23%

22%17%

24% 16%

18%

11%

5%

13%

7%

6%

37%

48%

33%

43%38%

Total Women Hispanics (A) Whites (B) African-Americans (C)

Asians (D)




No, I thought of owning business in the past.


I do not know.

A

AB

B

48%

53%

46%

50%44%Asian women are the

least interested in owning a business.

Whites are the most likely to already be business owners – and also be former owners.

Interest in Entrepreneurship by Total Women & Race/Ethnicity

https://www.gsb.stanford.edu/sites/gsb/files/publication-pdf/report-slei-state-latino-entrepreneurship-2017.pdf

Interest in becoming a business owner decreases with age –highest with GenZ and lowest with Boomers.

E2. Are you interested in starting your own business or becoming a business owner? Base size: Women (n=722), Gen Z (n=127), Millennials (n=279), Gen X (n=164), Boomers (n=152)9


11% 13%8% 10% 13%

22%

0%4%

9%11%

13%

10% 12%

12%

19%

6%

11%

22%

21%

32%11%

6%

8%

21%

6%37%

60%

47%

26%18%

Total Women Gen Z18-24 (A)

Millennials25-39 (B)

Gen X40-54 (C )

Boomers55-64 (D)




No, I thought of owning business in the past.


I do not know.

A

AB

48%

66%CD

55%D 47%D

24%

Age segments reveal what may be a function the life cycle:

• Younger women report the highest interest in owning a business.

• Older women are more likely to be current owners (GenX) or former owners (Boomers.)

Interest in Entrepreneurship by Total Women & Generation

AB

ABD

A

CD

CD

37%

47%

33%

52%

31%

Total Women Hispanics (A) Whites (B) African- Americans (C) Asians (D)

BD

BD

Believe That Owning a Business is a Strong Indicator of Successby Women - Total and Race/Ethnicity

Overall, close to 4-in-10 American adult women believe that owning a business is a strong indicator of success.

E1. How do you personally define “success”? Base size: Total Women (n=722), Hispanics (n=312), Whites (n=137), African-American (n=129), Asian (n=144)

10

Significantly more Hispanics and African-Americans agree with this sentiment compared to Whites and Asians.


Believe That Owning a Business is a Strong Indicators of Success by Gender & Women by Generation

47%

37% 36%32%

Gen Z18-24

(E)

Millennials25-39

(F)

Gen X40-54

(G)

Boomers55-64

(H)

The perception that owning a business is a strong indicator of success is felt directionally strongest by Gen Z, and declines with age.

E1. How do you personally define “success”? Base size: Women (n=722), Men (n=569), Gen Z (n=127), Millennials (n=279), Gen X (n=164), Boomers (n=152)

11

37%42%

Women (J) Men (K)

Men are more likely to think this way than women, though the difference is not significantly different.


Business Ambition

12

12

21%

16%

16%

13%

12%

10%

9%

8%

8%

8%

7%

7%

6%

6%

5%

4%

3%

Tech Industry

Retail, Shopping and Ecommerce

Restaurant/Food and Beverage

Advertising and Marketing

Website design

Gaming and Virtual Worlds

Audio, Visual and Media

Wholesaling

Travel and Transport

Communities, Social Networking & Collaboration

Import/Export

Finance and Payments

Auto repair

Health Care, Medicine and Wellness

Education – Academic or The Arts

Recruitment and Jobs

Childcare

K

K

K

Men are most interested in starting a tech business; for women, restaurant/food and beverage is the top choice.

E3b. What industry are/were you interested to open in?Base: Are/Were interested in owning a business except current business owners - Women (n=445), Men (n=397)

13

Letters indicate

statistically

significant difference

(95% confidence)

25%

18%

16%

15%

13%

12%

12%

8%

7%

7%

6%

6%

5%

4%

4%

4%

3%

3%

Restaurant/Food and Beverage

Retail, Shopping and Ecommerce

Advertising and Marketing

Health Care, Medicine and Wellness

Wholesaling

Education – Academic or The Arts

Childcare

Other Services

Website design

Communities, Social Networking & Collaboration

Audio, Visual and Media

Travel and Transport

Recruitment and Jobs

Tech Industry

Finance and Payments

Others

Gaming and Virtual Worlds

Bookkeeping and accounting

J

J

J

J

Women (K) Men (J)

Other top industries for women include retail, wholesaling, health care and education.

Men are more interested in starting businesses in gaming/virtual worlds and importing/exporting.

Type of Business/Industry Interested In by Gender

Younger women (GenZ and Millennials) are more interested in starting businesses in advertising/marketing, foodservice, education, website design, and recruitment.

E3b. What industry are/were you interested to open in?Base: Are/Were interested in owning a business except current business owners

14

Type of Business/Industry Interested In – Women by Generation


Total Female

Gen Z18-24

(E)

Millennials25-39

(F)

Gen X40-54

(G)

Boomers55-64

(H)

Restaurant/Food and Beverage 25% 39% 24% 12% 25%

Retail, Shopping and Ecommerce 18% 23% 15% 18% 17%

Advertising and Marketing 16% 37% 18% 4% 1%

Health Care, Medicine and Wellness 15% 16% 17% 17% 6%

Wholesaling 13% 5% 14% 12% 19%

Education – Academic or The Arts 12% 7% 24% 9% 4%

Childcare 12% 19% 10% 8% 9%

Other Services (e.g., beauty, animal care, cleaning) 8% 7% 5% 11% 11%

Website design 7% 9% 11% 5% 1%

Communities, Social Networking & Collaboration 7% 3% 11% 7% 4%

Audio, Visual and Media 6% 8% 10% 2% 2%

Travel and Transport 6% 5% 6% 7% 5%

Recruitment and Jobs 5% 6% 9% 1% 0%

Tech Industry 4% 3% 6% 2% 6%

Finance and Payments 4% 5% 2% 6% 2%

Gaming and Virtual Worlds 3% 8% 4% - -

Bookkeeping and accounting 3% 1% 4% 2% 5%

Base 445 88 177 96 84

G

FGH GH

EGH

H

GH

H

The younger the aspiring female business owner is, the higher the revenue goal for their business.Men have higher revenue goals than women.Hispanic women have the highest revenue goals, NH whites the lowest.

27%

12%

22%

18%

29%

28%

8%

18%

5%

7%

5%11%

4% 6%

Women (K) Men (J)

$50,000,000+

$10,000,000 to $49,000,000

$5,000,000 to $9,999,999

$1,000,000-$4,999,999

$200,000-$999,999

$100,000 to $199,999

Less then $100,000

J

K

K

E4. What is/was your ultimate business ambition in term of an annual revenue?Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456), Gen Z (n=93), Millennials (n=197), Gen X (n=112), Boomers (n=92), Hispanics (n=218), Whites (n=84), African-American (n=87), Asian (n=105)

15

Revenue Goal for Business by Gender & GenerationLetters indicate statistically significant

difference (95% confidence)

$8.2M Mean (in millions)$5M

$740K Median (in thousands)$220K

WOMEN BY GENERATION AND ETHNICITY/RACE

K

Mean (in millions) Median (in thousands)

Generation

Gen Z 18-24 $5.7M $510K

Gen Y 25-39 $5.6M $340K

Gen X 40-54 $4.6M $150M

Boomers 55-64 $3.6M $140M

Ethnicity

Hispanic $6.3M $300K

African American $4.8M $220K

Asian $3.8M $250K

NH White $3.1M $190K

While no significant differences are observed among women across ethnic segments, these are differences in terms of their revenue goal ambitions.

Motivations

16

Better work/life balance and opportunity to work from home are bigger motivating factors for women compared to men.

44%46%

31%

40%

44% 44%

24%21%

19%

14%

48% 47%

35% 35%33%

27% 26%24%

18%

14%

Greater independence Personal growth Financial rewards Passion about businessideas

Better work-lifebalance

Opportunity to workfrom home

Tired of regular job Pride Encouragement fromfamily members,colleagues, etc.

Family legacy

Women (K) Men (J)

JJ

17E7. What are/were motivations to start your business? Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456)


Motivations For Wanting to Start a Business by Gender

Among women, Millennials are significantly more likely to report boredom with regular job as a motivator to start own business.

Gen Z: 21%Gen Y 35%Gen X 16%Boomers 22%

Greater independence is the #1 motivator for both men and women. Women are more likely to seek better work/life balance and opportunity to work from home.This is consistent with Noam Wasserman’s observations in The Founders Dilemmas, where he cites that autonomy is the #1 motivator for entrepreneurs, regardless of gender.

17%

15% 15%14%

13%

5%4% 4% 4%

3%

1%

20%

10%

16%15%

5%

3%

13%

2%

6%

2% 2%

Greaterindependence

Better work-lifebalance

Personal growth Passion aboutbusiness ideas

Opportunity to workfrom home

Pride Financial rewards Encouragement fromfamily members,colleagues, etc.

Tired of regular job Not able to find work Family legacy

Women (K) Men (J)

KJ

18E7. What are/were motivations to start your business? Base size: Are/Were interested in owning a business - Women (n=494), Men (n=456)


#1 Motivations For Wanting to Start a Business by Gender

Personal growth is an especially important motivator for African-Americans.The top motivators to start a new business are consistent across ethnic groups, with the exception that African American women prioritize financial rewards over the opportunity to work from home.

19E7. What are/were motivations to start your business? Base size: Are/Were interested in owning a business - Hispanics (n=218), Whites (n=84), African-American (n=87), Asian (n=105)


Top 5 Motivations For Wanting to Start a Business – Women by Race/Ethnicity

Hispanics (A) Whites (B) African-Americans (C ) Asians (D)

1. Personal growth 50% Better work-life balance 49% Personal growth 62% B Personal growth 55%

2. Greater independence 44% Opportunity to work from home 45% Greater independence 59% AB Greater independence 53%

3. Opportunity to work from home 40% Personal growth 40% Passion about business ideas 48% Opportunity to work from home 47%

4. Better work-life balance 37% Passion about business ideas 40% Financial rewards 47% AB Better work-life balance 42%

5. Passion about business ideas 35% Greater independence 39% Better work-life balance 44% Passion about business ideas 37%

Aspiring female business owners are motivated by the same goals, but the order of priorities varies by age.

20E7. What are/were motivations to start your business? Base size: Are/Were interested in owning a business - Gen Z (n=93), Millennials (n=197), Gen X (n=112), Boomers (n=92)


Top 5 Motivations For Wanting to Start a Business – Women by Generation

Gen Z: 18-24 (E ) Millennials: 25-39 (F) Gen X: 40-54 (G) Boomers: 55-64 (H)

1. Better work-life balance 60% GH Greater independence 50% E Opportunity to work from home 50% H Greater independence 44%

2. Personal growth 54% Better work-life balance 49% Greater independence 49% E Better work-life balance 39%

3. Passion about business ideas 53% H Personal growth 49% Personal growth 42% Personal growth 38%

4. Opportunity to work from home 42% Opportunity to work from home 46% Financial rewards 40% Opportunity to work from home 31%

5. Pride 31% Passion about business ideas 40% Passion about business ideas 37% Financial rewards 29%

o Gen Z women place greater emphasis on ‘better work-life balance’, followed by ‘personal growth’ and ‘passion about business ideas’. o Other age segments rank ‘greater independence’ among the top motivators, but Gen X values the opportunity to work from home just as much.o Millennials are torn about what is most important.

Obstacles/Challenges

21

Lack of financial resources is the number one obstacle for aspiring female business owners.Uncertainty and lack of experience/ business training/knowledge are key factors as well.

E9a. What are reasons you have not started your business yet?Base: Interested but have not started yet (n=289)

22

Reasons for NOT Starting Business Yet by Women

55%

33%

31%

28%

20%

20%

19%

15%

15%

12%

10%

9%

8%

3%

3%

2%

5%

Lack of financial resources

Uncertainty

Lack of entrepreneurial experience

Lack of business training/knowledge

Lack of confidence

Raising family

Bad economy

High responsibility

Lack of a network of other business owners

High chance of failure

Lack of moral support

Lack of mentors

Lack of role models

Racial discrimination

Gender discrimination

Parenthood discrimination

Other


Total MarketWomen

Index to TotalMen

Index to Total

121 85

106 96

99 101

119 87

89 108

73 119

109 94

118 87

101 99

90 107

77 117

76 117

133 77

65 125

56 131

118 87

102 99

Lack of financial resources is perceived as a bigger obstacle among women than men.Other key barriers where women over-index compared to the total market are uncertainty and raising family. In contrast, women are less likely than men to report ‘high responsibility’ as a barrier..

E9a. What are reasons you have not started your business yet?Base: Interested but have not started yet – Total Market (n=587), Women (n=289), Men (n=297)

23

Reasons for NOT Starting Business Yet by Total Market

46%

29%

28%

28%

21%

20%

19%

17%

15%

13%

11%

10%

8%

4%

4%

3%

4%




Uncertainty

Bad economy

High responsibility

Lack of confidence

Raising family

Lack of a network of other business…


Lack of mentors

Lack of role models





Others

The obstacles to starting a business are largely the same for women and men.Lack of financial resources is the biggest barrier for women.

E9a. What are reasons you have not started your business yet?Base: Interested but have not started yet - Women (n=289), Men (n=297)

24

Reasons for NOT Starting a Business Yet by Gender


55%

33%

31%

28%

20%

20%

19%

15%

15%

12%

10%

9%

8%

3%

3%

2%

5%


Uncertainty



Lack of confidence

Raising family

Bad economy

High responsibility

Lack of a network of other business owners



Lack of mentors

Lack of role models




Other

Women (K) Men (J)

39%

28%

28%

24%

24%

23%

17%

15%

15%

14%

13%

12%

6%

5%

5%

3%

4%




Uncertainty

High responsibility

Bad economy

Lack of confidence

Raising family

Lack of a network of other business…


Lack of mentors

Lack of role models





Other

J

Lack of financial resources is at the top of the list of obstacles across race/ethnicity.

E9a. What are reasons you have not started your business yet?Base: Interested but have not started yet - Women* Caution: Small Base Size

25


Hispanic women are the most likely to feel that the economy is a barrier to opening up a business.

Uncertainty is a bigger barrier among White and African American, particularly compared to Hispanics.

Reasons for NOT Starting Business Yet by Women by Race/Ethnicity

Hispanics(A)

Whites(B)

African-Americans (C)

Asians(D)

Lack of financial resources 50% 53% 56% 57%

Uncertainty 19% 38% 42% 30%

Lack of entrepreneurial experience 27% 33% 36% 25%

Lack of business training/knowledge 33% 22% 35% 37%

Raising family 12% 23% 19% 15%

Lack of confidence 25% 16% 17% 25%

Bad economy 29% 16% 13% 17%

Lack of a network of other business owners 10% 15% 17% 13%

High responsibility 15% 12% 23% 20%

High chance of failure 14% 8% 18% 17%

Lack of moral support from spouse, other family members/friends

8% 13% 8% 4%

Lack of mentors 8% 7% 11% 10%

Lack of role models 7% 10% 5% -

Base 144 41* 46* 58

BCD

A A

Millennial women report a larger number of barriers to starting their business.

E9a. What are reasons you have not started your business yet?Base: Interested but have not started yet – Women** Caution: very Small Base Size


26

Two-thirds of Millennials report lack of financial resources as their top barrier.

they are also most likely to report lack of business training and lack of support (moral, mentoring) as barriers.

Reasons for NOT Starting a Business Yet by Generation

Gen Z18-24

(E)

Millennials25-39

(F)

Gen X40-54

(G)

Boomers55-64

(H)

Lack of financial resources 43% 67% 57% 44%

Uncertainty 33% 28% 40% 36%

Lack of entrepreneurial experience 37% 29% 22% 34%

Lack of business training/knowledge 24% 33% 24% 31%

Raising family 13% 30% 23% 2%

Lack of confidence 14% 19% 27% 29%

Bad economy 30% 19% 3% 17%

Lack of a network of other business owners 18% 17% 9% 13%

High responsibility 11% 18% 10% 22%

High chance of failure 11% 13% 9% 17%

Lack of moral support from spouse, other family members/friends

9% 14% 8% 4%

Lack of mentors 3% 16% 4% 6%

Lack of role models 12% 10% 1% 3%

Base 77 130 54 28**

G G

EH H

G G

E

Women business owners face more challenges than men.

E9b. What are some of the challenges you have faced as a business owner?Base: Current business owners - Women (n=49), Men (n=59)

27

Lack of financial resources and entrepreneurship experience, balancing work/family and lack of moral support are greater challenges for women business owners.

Men business owners reported higher levels of uncertainty.

60%

41%

33% 32%

24%20%

5%

31%

22%

52%

4%

11%8% 10%

Lack of financialresources

High responsibility Uncertainty Lack of entrepreneurialexperience

Raising family Lack of moral support Lack of role models

Women (K) Men (J) Women Men

Avg. number of challenges

4 3


*Caution: small base size

J

J

Challenges of Being a Business Owner by Gender

Business Owner Resources

28

Women are less likely to be aware of a number of these small business resources compared to men.

Awareness of Small Business Support Organizations by Gender

E11. Have you heard of any of the following organizations/offices that support small business?Base: Current business owners and who are interested in owning a business - Female (n=640), Male (n=527)


29

7%

11%

14%

14%

16%

21%

22%

24%

31%

31%

6%

27%

8%

11%

6%

8%

11%

17%

28%

41%

SBA Disaster Loan

Women’s Business Center (WBC)

Veteran’s Business Outreach Center (VBOC)

SCORE Mentors

SBA District Office

Small Business Innovation Research (SBIR) or Small BusinessTechnology Transfer (STTR) programs

Small Business Investment Company (SBIC) program

Small Business Development Center (SBDC)

SBA.gov website

None

Women (K) Men (J)

K

K

K

J

Women are significantly less likely than men to seek small business support from organizations.

E12: Please indicate which of the following organizations/offices you have used to support your business needs during the past 12 months?Base: Current business owners and who are interested in owning a business – Female (n=640), Male (n=527

30

1%

5%

4%

13%

5%

10%

8%

12%

6%

59%

1%

2%

4%

4%

4%

5%

10%

78%

SBA Disaster Loan

SBA District Office

Veteran’s Business Outreach Center (VBOC)

Small Business Development Center (SBDC)

SCORE Mentors

Small Business Innovation Research (SBIR) or Small BusinessTechnology Transfer (STTR) programs

Small Business Investment Company (SBIC) program

SBA.gov website

Women’s Business Center (WBC)

None

Women (K) Men (J)

Utilization of Small Business Support Organizations by Gender


K

K

K

K

K

Awareness of resources available to current and prospective business owners is relatively low among women.White and African American women report significantly higher awareness of SBA.gov and WBC, respectively.

E11. Have you heard of any of the following organizations/offices that support small business?Base: Current business owners and who are interested in owning a business - Women


31

Awareness of Small Business Support Organizations by Women

Total WomenHispanics

(A)Whites

(B)African-Americans

(C)Asians

(D)

None 41% 48% 37% 40% 54%

SBA.gov website 28% 20% 31% 25% 9%

Women Business Center (WBC) 27% 22% 27% 41% 30%

Small Business Development Center (SBDC) 17% 12% 16% 23% 13%

SCORE Mentors 11% 9% 12% 16% 6%

Small Business Investment Company (SBIC) program 11% 13% 11% 5% 7%

Veteran Business Outreach Center (VBOC) 8% 6% 9% 10% 6%

Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs

8% 12% 7% 7% 8%

SBA.com 7% 5% 9% 10% 1%

SBA District Office 6% 6% 5% 10% 4%

Base 338 161 56 54 67

A

D

Among female aspiring business owners, significantly more Gen X than Millennials are aware of SBA.govThese two age groups report the lowest levels of awareness of support organizations.

Awareness of Small Business Support Organizations by Women

Total WomenGen Z18-24

(E)

Millennials25-39

(F)

Gen X40-54

(G)

Boomers55-64

(H)

None 41% 32% 48% 48% 25%

SBA.gov website 28% 19% 22% 41% 32%



SCORE Mentors 11% 12% 7% 7% 31%

Small Business Investment Company (SBIC) program 11% 10% 8% 13% 12%

Veteran Business Outreach Center (VBOC) 8% 9% 7% 5% 14%


8% 8% 17% 3% -

SBA.com 7% 7% 4% 12% 7%

SBA District Office 6% 6% 7% 3% 12%

Base 310 82 150 70 36**

E11. Have you heard of any of the following organizations/offices that support small business?Base: Current business owners and who are interested in owning a business – Women** Caution: Very Small Base Size


32

G

F

FG

Most female aspiring business owners do not utilize small business support organizations.African Americans are more likely than others to use WBC.

E12: Please indicate which of the following organizations/offices you have used to support your business needs during the past 12 months?Base: Current business owners and who are interested in owning a business - Women

33


Utilization of Small Business Support Organizations by Women

Total WomenHispanics

(A)Whites

(B)African-Americans

(C)Asians

(D)

None 77% 72% 78% 72% 86%


SBA.gov website 5% 7% 5% 4% 4%

SCORE Mentors 4% 3% 5% - 4%

Small Business Investment Company (SBIC) program 4% 5% 6% - 1%


4% 4% 4% 3% 4%


SBA.com 2% - 5% - -

Veteran Business Outreach Center (VBOC) 1% 2% - - 1%

SBA District Office 0% 2% - - -

Base 338 161 56 54 67

AD

Utilization of small business support organizations among women decreases with age.

34

E12: Please indicate which of the following organizations/offices you have used to support your business needs during the past 12 months?Base: Current business owners and who are interested in owning a business - Women** Caution: Very Small Base Size

Total Women

Gen Z18-24

(E)

Millennials25-39

(F)

Gen X40-54

(G)

Boomers55-64

(H)

None 77% 66% 74% 90% 82%


SBA.gov website 5% 8% 4% 2% 7%

SCORE Mentors 4% 10% 5% - -

Small Business Investment Company (SBIC) program 4% 7% 5% - 8%


4% 7% 7% 1% -


SBA.com 2% 6% 3% - -

Veteran Business Outreach Center (VBOC) 1% 2% 0% - 1%

SBA District Office 0% - 1% - -

Base 310 82 150 70 36**

Utilization of Small Business Support Organizations by Women by Generation


Appendix

35

Sample Demographics: Total Sample

36

Total SampleHispanics

(A)Whites

(B)African Americans

(C)Asians

(D)

Base Size 1291 516 259 258 258

Men 50% 51% 50% 48% 47%

Women 50% 49% 50% 52% 53%

Gen Z (18-24) 16% 20% 14% 19% 14%

Millennials (25-39) 34% 44% 32% 32% 41%

Gen X (40-54) 30% 25% 31% 32% 28%

Boomers (55-64) 20% 12% 23% 17% 16%

Married 44% 46% 47% 18% 52%

Foreign Born 13% 40% 5% 4% 52%

Parents Foreign Born 32% 75% 18% 17% 85%

College Graduate or Higher 39% 30% 38% 29% 69%

Employed Full Time 63% 59% 64% 57% 67%

HH Income $74K $56K $77K $52K $86K

B

BC

C

BC

BC

A

C C

ABC

ABC

ABC

C

Sample Demographics: Women

37

Total Sample Total WomenHispanic Women

(A)White Women

(B)African American Women

(C)Asian Women

(D)

Base Size 1291 722 312 137 129 144

Men 50% -- -- -- -- --

Women 50% 100% 100% 100% 100% 100%

Gen Z (18-24) 16% 19% 26% 17% 15% 13%

Millennials (25-39) 34% 30% 47% 24% 23% 46%

Gen X (40-54) 30% 29% 20% 31% 41% 28%

Boomers (55-64) 20% 22% 7% 28% 21% 13%

Married 44% 42% 47% 43% 18% 59%

Foreign Born 13% 16% 42% 7% 4% 58%

Parents Foreign Born 32% 32% 76% 16% 12% 87%

College Graduate or Higher

39% 28% 33% 21% 30% 64%

Employed Full Time 63% 35% 35% 36% 29% 35%

HH Income $74K $56K $77K $52K $86K

BCD

BC

C

A

AD

ABC

ABC

BC

ABC

AD

C

BC

BC

B

A

BC

Excerpt from The Founders Dilemmas by Noam Wasserman

Source: https://archive.org/details/TheFoundersDilemmashowentrepreneur.comByNoamWasserman/page/n2838

entrepreneurship 2018 -...

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