While they’re often seen as impatient and entitled, millennials are breaking stereotypes when it comes to starting their own businesses.
According to a recent Wells Fargo study of millennial small-business owners (SBOs), millennial SBOs are in a more “committed relationship” with their businesses than older SBOs. The researchers surveyed roughly 500 business owners born between 1981 and 1997, as well as 500 business owners born prior to 1981.
Eighty percent of millennials surveyed said they hope to grow their businesses over many years and even pass them down to their children. However, 66 percent of older SBOs said they share this goal.
Millennials also characterized themselves as risk-takers. Nearly two-thirds of millennials said they are willing to take financial risks to grow their businesses, while roughly half of older business owners said they would take a gamble. But that’s not much of a surprise when you factor in the ubiquity of student debt. Three in 10 millennial SBOs are paying off student loans.
Millennial entrepreneurs have a bright future -- or at least they think so. Of the millennial survey participants, 77 percent say they are optimistic about the future of their businesses and expect improvement within one year. Only 51 percent of older SBOs have the same outlook.
But all of this doesn’t mean millennials don’t have a lot to learn. Only half of the millennial SBOs surveyed describe themselves as successful in managing their business finances. Check out the infographic below and the associated published study to learn more about how attitudes differ between age groups.