• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

PlanningShop

Plan. Start. Grow.

  • Our Products
  • Instructors
  • Entrepreneurs
  • BizGear
  • Rhonda’s Blog
  • About PlanningShop
  • Search
  •  
  • Our Products
  • Instructors
  • Entrepreneurs
  • BizGear
  • Rhonda’s Blog
  • About PlanningShop
  • Search
  •  
Millennials

Millennials Aren’t as Lazy as You Thought

May 31, 2017 //  by Rhonda Abrams

Millennials–Americans born between 1980 and 2000–may be the most entrepreneurial generation ever. A new study shows Millennials have more experience with small business and greater desire to start businesses than previous generations. But the study also demonstrates a continuing need for help for entrepreneurs if they’ll create the jobs America needs.

The study, released May 31 by America’s SBDCs (ASBDC), shows Americans in their 20’s and 30’s are eager to launch new companies, be their own boss, and trust themselves to provide their own financial security more than they trust others.

This entrepreneurial yearning isn’t idle dreaming. Even though they’re younger, Millennials are already more likely to have started a business than Baby Boomers (born between 1946 and mid-60’s) or GenX’ers (born mid-60’s to 1980). They’re in a hurry, wanting to start businesses soon. But they know they need help.

“We are very encouraged that Millennials are strongly inclined to begin the entrepreneurial journey,” said C.E. “Tee” Rowe, President and CEO of America’s SBDC, a network of nearly 1000 Small Business Development Centers (SBDCs) providing free consulting and low cost training. “Not only do they want to take that path but they have the foresight to know that they’ll need help along the way.”

New businesses are vital for America–over the last three decades, virtually all new US jobs have come from firms less than five years old, according to the Kauffman Foundation. New businesses not only produce most of the jobs but improve productivity, even create entire new industries.

The ASBDC study conducted in late March, 2017 by the Center for Generational Kinetics, found:

** Nearly a third of Millennials have already started some kind of business (30% versus 19% for Boomers and 22% of GenX’ers), 38% have been part of a startup, and a full quarter (26%) have lived entirely off the income of a small business.

** Almost half of Millennnials (49%) want to start their own business in the next three years. Over half (54%) would quit their job and start a business in the next six months with the right resources.

** More than other generations, Millennials were likely to grow up in a household that owned a small business (18% versus 12% for Boomers and 15% for GenX’ers) and a third of them have family or friends who work in a small business (33% versus 22% of Boomers and 20% of GenX’ers).

** Contrary to stereotypes, Millennials are pretty down-to-earth in their outlook. They’re more likely to want to start a business to make money rather than to have fun than other generations (66% Millennials, 62% Gen X’ers, 53% Boomers). Half feel that financial stability is a must before launching out on their own.

** Millennials are unaware of entrepreneurial resources. They are less likely than other generations to know where to turn to help, such as the network of SBDCs.

** Business Plans are still relevant. 44% of Millennials (versus only 18% of Boomers and GenX’ers) have written a business plan or overview for starting their own business and just over half (51%) say business plan development is the number one type of help they want (beating out tax and regulation issues).

** Millennials like urban. 61% of Millennials think urban settings are the best places to start a business versus suburban (32%).

** They’re global. A full 65% of Millennials would move to another country to start a business if given the opportunity, while only 24% of Boomers and 41% of Gen X’ers would do so.

** Millennials trust themselves more than they do others. 61% of Millennials believe that the best job security comes from owning your own business rather than being employed by others, compared to 36% of Boomers and 40% of Gen X’ers.

** Millennials would start businesses sooner if they had help. Three-quarters of Millennials would be more likely to start a business if they knew where to go for help, and six out of ten (59%) would start within a year with the right resources.

“The doors of America’s SBDCs are open to millennials, and all generations for that matter,” ASBDC’s Rowe said. “We look forward to providing the training and mentoring they need to get their business’ up, running, and thriving.”

Copyright, Rhonda Abrams, 2017

This article originally ran in USA Today on May 31, 2017

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Email

Category: Solution Center, USA TodayTag: ASBDC, entrepreneur, entrepreneurship, millennial, rhonda abrams, small business, startup, success

Previous Post: « Case Study: The Bank of Starbucks
Next Post: 8 Cheap Ways to Reward Small Biz Employees Reward Employees»

Reader Interactions

Primary Sidebar

Instagram @rhondaabrams

Instagram post 2195382591704439680_1452679072 Enjoy the ride, small business owners! .
.
#smallbiz #mondaymotivation #entrepreneurlife
Instagram post 2193099979921798447_1452679072 As we settle into the holiday season, take a moment this busy weekend to enjoy sights & sounds around you. Here's to managing that stress! .
.
#smallbusinessowner #holidays #holidayseason #weekendvibes
Instagram post 2192514564753639208_1452679072 #thursdaythoughts #smallbiz #thoughts #entrepreneurlife #dontlookback #smallbizguru
Instagram post 2191648846350001711_1452679072 How to make holiday stress work FOR you, in my latest @usatoday column! Link in profile.
.
.
#smallbiz #entrepreneur #holiday #stress #tips #smallbizguru
Instagram post 2190930739848451220_1452679072 This Giving Tuesday, I'd like to take a moment to acknowledge what small business gives year-round. $$ to their communities, jobs, responsible environmental practices. Way to go, smallbiz!
.
.
Now, get out there and support your favorite cause~ ❤️
.
.
#smallbiz #givingtuesday #giveback #allyearlong #smallbusinesslife #entrepreneurlife
Instagram post 2188638231477008373_1452679072 #smallbusinesssaturday #shopsmall #smallbizsat
Instagram post 2186617825995788325_1452679072 This Saturday is Small Business Saturday! Where will YOU Shop Small?
.
.
#smallbusinesssaturday #smallbizsat #shopsmall #shoplocal
Instagram post 2185170189996621621_1452679072 Small Business Saturday is THIS SATURDAY! Where will YOU Shop Small? Let us know in the comments!
.
.
#smallbizsat #nov30 #shopsmall #shoplocal #smallbizguru
Instagram post 2182958089297599584_1452679072 Thanksgiving is almost here - what are you thankful for? I'm thankful for small business & all the hard-working, brave entrepreneurs who try to make an impact each & every day~
.
.
#thankful #smallbiz #fridayfeeling #givethanks #entrepreneurs
My Tweets
  • Instagram post 2195382591704439680_1452679072 Enjoy the ride, small business owners! .
.
#smallbiz #mondaymotivation #entrepreneurlife
    Instagram post 2193099979921798447_1452679072 As we settle into the holiday season, take a moment this busy weekend to enjoy sights & sounds around you. Here's to managing that stress! .
.
#smallbusinessowner #holidays #holidayseason #weekendvibes
    Instagram post 2192514564753639208_1452679072 #thursdaythoughts #smallbiz #thoughts #entrepreneurlife #dontlookback #smallbizguru
    Instagram post 2191648846350001711_1452679072 How to make holiday stress work FOR you, in my latest @usatoday column! Link in profile.
.
.
#smallbiz #entrepreneur #holiday #stress #tips #smallbizguru
    Instagram post 2190930739848451220_1452679072 This Giving Tuesday, I'd like to take a moment to acknowledge what small business gives year-round. $$ to their communities, jobs, responsible environmental practices. Way to go, smallbiz!
.
.
Now, get out there and support your favorite cause~ ❤️
.
.
#smallbiz #givingtuesday #giveback #allyearlong #smallbusinesslife #entrepreneurlife
    Instagram post 2188638231477008373_1452679072 #smallbusinesssaturday #shopsmall #smallbizsat
    Instagram post 2186617825995788325_1452679072 This Saturday is Small Business Saturday! Where will YOU Shop Small?
.
.
#smallbusinesssaturday #smallbizsat #shopsmall #shoplocal
  • Footer

    Our Products
    Instructor Central

    Privacy Policy
    Contact Us

    • Email
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter

    Copyright © 2019 PlanningShop · All Rights Reserved · Site design by paulinaart

    This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. ACCEPT Read More
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.

    Necessary Always Enabled

    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

    Non-necessary

    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.