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Young generation   Small businesses play a huge role

Half of Millennials plan to start business in next 3 years

Millennials businessAmerica's Small Business Development Centers (America's SBDC) partnered with the Center for Generational Kinetics to better understand how different generations view and approach entrepreneurship.

Small businesses play a huge role in the lives of Americans. One third of Americans (34 percent), have worked in a small business in the past and nearly a quarter (24 percent) of both Millennials and Gen X own or have owned a small business.

READ MORE Millennials are more brand loyal than older consumers

The study found that the entrepreneurial spirit is alive and well with 41 percent of Americans saying they would quit their job and start a business in the next 6 months if they had the tools and resources they needed.

This number is higher for Millennials with more than half of those surveyed stating that they would be willing to take the entrepreneurial leap in the next 6 months with the right tools and resources.

All generations surveyed lived through the great recession, yet seemingly this hasn't dampened entrepreneurial willingness for most.

The study cites that 62 percent of Americans have a dream business in mind that they would love to start, and close to half (49 percent) of millennials, intend to start their own business in the next three years.

Wealth creation was the number one rated catalyst to start a small business with 47 percent of Americans listing the potential to make money as what would motivate those most to start their own business.

The appeal of being your own boss is also a strong factor, with 40 percent of Americans listing it as their motivation.

While there is a perception that millennials are, most interested in their work being fun, the survey reveals that 62 percent would rather have a business that makes a lot of money than a business that is a lot of fun.




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