According to a survey released today (May 31, 2017), American Millennials (those born between the years 1977 and 1995) have a strong inclination to start and own a business. More than any other age group, Millenials have dream businesses they would love to start. Also, they have the intention of starting a small business in the near future. According to the survey from America’s SBDC, a network of small business development centers, and conducted by the Center for Generational Kinetics, the desire by Millennials to start new businesses is not just an idealistic adventure. “There is an optimistic, but also practical and calculated element as well, “Charles “Tee” Rowe, president of America’s SBDC, told SmallBusiness.com. “Millennials, more than any other generation, believe there is more job security in owning your own business than in working for someone else.”
Goals of potential Millennial small business owners
Would-be Millennial entrepreneurs are eager to start.
59% | [Percentage of Millennials who] Say that with the right idea and resources they would start a business within the next year
49% | Intend to start their own business in the next three years
62% | Have a dream business in mind they would love to start
Beliefs of potential Millennial business owners
While some clichés of Millennials suggest they only focus on fun and postponing adulthood, the research presents a strikingly different reality.
47% | [Percentage of Millennials who] say wealth creation [is the number one rated catalyst to start a small business]
40% | Say appeal of being one’s own boss
61% | Say best job security comes from owning one’s own business
Potential Millennial small business owners have experience
According to the study, many potential Millennial small business owners have worked for or have started their own business previously.
38% | [Percentage of Millennials who] have been a part of a new start-up company when it first began
26% | Have lived entirely off the income from a business they started.
Needs of Potential Millennial Small Business Owners
According to the study, an estimated 13 million American Millennials cite “not knowing where to go for help to start or run a business” as the number one reason that keeps them from starting their own business.
51% | Want help with a business development plan
45% | Want training for accounting or bookkeeping software