Do millennials actually want to be entrepreneurs? This is a big question facing America today as millennials are now the largest generation in the workforce and are key to driving a rebound in small business in America. Does this generation—who’s known for experiencing the eye of the great recession, bringing a new relationship with technology, and having tremendous amounts of college debt—really want to be entrepreneurs?
To answer this question, America’s Small Business Development Centers partnered with The Center for Generational Kinetics to lead a landmark study that looks at Millennial and generational attitudes towards entrepreneurship in America. The study was conducted in the second quarter of this year to bring real truth and accurate data to Millennials as entrepreneurs, small business owners, and job creators in America. The study findings were shocking and revealed some significant generational differences between Millennials and other generations in America.
Here are 5 key insights found in the study:
- Millennials already work in and own small businesses. In fact, way more than you might expect.
- 38% of Millennials have worked in a startup
- 30% of Millennials currently own a small business of some type, which could include the gig economy
- 26% of Millennials are able to live off their small business
- More Millennials hope to start their own businesses.
- 49% of Millennials hope to start a business within the next 3 years
- 54% of Millennials would be willing to quit their job to start a business if they had the resources
- Millennials think cities are better for starting a business and would even move internationally if that impacted their
- 61% believe it’s better to start a business in an urban rather than suburban area
- 65% would be willing to move to another country to start a new business if that impacted the likelihood of the business being successful
- Entrepreneurship is the new job security for Millennials.
- 61% of Millennials believe that owning a business offers better security than traditional employment
- But Millennials need resources and they know it.
- 74% of Millennials say they would be more likely to start a business if they knew where to get help
- With the right resources, 59% would start their business within the next year
The national study on Millennials as entrepreneurs has already generated tremendous media attention. Study co-authors Jason Dorsey, Co-Founder and President of The Center for Generational Kinetics, and Tee Rowe, Executive Director of America’s SBDC, were featured on over 25 television interviews in a single day! In addition to that, USA Today ran a feature story online about the national study and it’s finding. Click here for the story.
The Center for Generational Kinetics is excited to be a part of the movement to increase entrepreneurship across generations to create new jobs and opportunities for every generation.
If you or your organization want to stand out and drive attention, contact our research team by clicking here.