Millennials Are Starting More New Businesses Than Any Other Generation

Millennials Are Starting More New Businesses Than Any Other Generation

If you’ve been badgered to donate to yet another friend’s Kickstarter or “like” their small business on social media, you may be feeling like everyone’s starting their own business lately … and you may not be wrong.

It turns out, millennials are starting more small businesses than any other generation preceding them, according to a new study, conducted by America’s Small Business Development Center (SBDC).

The study’s findings revealed that 30% of millennials have already started some sort of business. What’s more, 49% of millennials have dreams of starting their own business sometime in the next three years.

And considering that new businesses account for nearly all new job creation, you may want to follow up on those friends’ business ideas you threw $20 to a few months ago … and see if they’re hiring.

The findings are especially notable when compared to previous generations. Only 19% of Baby Boomers (those born between 1946 to 1964) and 22% of Gen Xers (1965 to 1976) have started their own business, opting instead to stay with fewer jobs for longer periods of time.

Millennials also have a different idea of what it means to be financially secure. Sixty-one percent say owning their own business provides better job security than being employed by someone else. This is significantly higher than Boomers (35%) and Gen Xers (40%) who hold the same belief. Looks like millennials are willing to trade up a cubicle for a garage if it means being in charge of their own finances.

Like the sound of being your own boss? Check out our guide to launching a successful side gig. Who knows? You may just turn your passion project into a full-time job, like these people did.

Learnvest

Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!