Factors Influencing the Development of Young University Entrepreneurs in the City of Barranquilla (Revista Conocimiento Global.)

Summary

• The early entrepreneurial activity rate (TEA) among Colombian youth aged 18 to 24 reaches 22%, surpassing the regional average of 15.7%.p.2
• Despite high entrepreneurial activity, approximately 6 out of 10 youth initiatives in Colombia fail before completing three years of operation.p.2
• In a survey of 250 university students in Barranquilla, 68% of respondents were women and 32% were men.p.5
• While 83% of surveyed students feel equipped to write a business plan, 43% reported never having taken a course on business creation at university.p.6
• Knowledge of early-stage funding remains low, as 44% of respondents expressed a lack of clarity regarding available seed capital mechanisms.p.10

Key insights

1. In 2024, Colombia ranked 7th out of 46 global economies in early entrepreneurial activity, scoring 23.6 points.p.2
2. About 80% of university students in Barranquilla believe the education system is inadequate for fostering local entrepreneurial skills.p.2
3. Students in advanced semesters (7th to 10th) express the highest intention to start a business at 64%.p.6
4. Only 47% of university students feel capable of obtaining financing for a new business venture.p.7
5. Most parents of surveyed students work as employees or laborers at 68%, compared to 19% independent workers and 13% business owners.p.9
6. More than 81% of students state that their families would support their decision to launch a business upon graduation.p.9
7. Around 44% of university students lack clear knowledge about seed capital options to fund early-stage ventures.p.10