Older, Educated Minorities Are State's Most Entrepreneurial
A Babson College study has found that early-stage entrepreneurs in Massachusetts are more likely than those in other states to be from minority or immigrant populations.
Results of the study indicate that new businesses are being created more rapidly in Massachusetts than in the U.S. overall, that established businesses are growing and that entrepreneurs are optimistic about their prospects for success.
Early-stage entrepreneurs in Massachusetts are more likely to be male, non-white and of immigrant or minority status, the study found. The state's entrepreneurs are 50 years old on average, which is older than the national average, and tend to have either a high school diploma or an advanced college degree.
Most early-stage businesses in Massachusetts are started by a lone person who already has a full-time job, the study found. Establishing infrastructure, licensing and permits and the cost of utilities were found to be the major challenges facing the state's entrepreneurs.
The Babson study was conducted in collaboration with the state Executive Office of Labor and Workforce Development and the Executive Office of Housing and Economic Development.
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