Study: One In Two Millennials Plan To Open A Business In The Next 3 Years
NEW ORLEANS – A recent study conducted by America’s Small Business Development Center (SBDC) found one in two millennials are planning to start a business in the next three years.
With studies revealing the millennial generation is now America’s largest generation, and also comprise the largest workforce demographic, many employers are still trying to figure out what makes them tick, SBDC reps said. Some call them lazy, some call them passionate, while most are still confused. According to the SBDC and Center for Generational Kinetics’ study, “America’s Voice on Small Business,” it’s probably best to just call them entrepreneurs.
The study revealed half of all millennials plan to start a small business in the next three years. Forty percent said being their own boss was their biggest motivation and 61 percent said they believe entrepreneurship is more secure and stable than regular employment.
Louisiana Small Business Development Center (LSBDC) state director Rande Kessler said, “We recognize that entrepreneurship desire and actual implementation can be quite different, especially to the millennial generation that is up against many roadblocks to starting a small business, as well as gaps in information. The LSBDC is specifically here to either assist in roadblock removal, or help the budding entrepreneur to see a way around it.”
The “America’s Voice on Small Business” study surveyed 1,000 people across America and asked, “What are the drivers of small business and what does it look like by generation?”
“Millennials have an entrepreneur mindset, the desire and drive to own their own businesses,” said Jason Dorsey, co-founder of the Center for Generational Kinetics.
The study showed 59 percent of millennials said with the right ideas and resources they would start a business within the next year, and 45 percent said access to capital is the biggest barrier to starting their own business. The study also found that the lack of knowledge and small business savvy is another roadblock millennials face. More than half surveyed said they would be encouraged to start a small business if they knew where to go for help.
Sanican Bin Cleaning in Monroe, Louisiana is owned and operated by millennials Matthew and Michelle Rainwater, who are clients of the LSBDC at University of Louisiana Monroe. After six years of growing their model, they reached out to the LSBDC for help to open their mobile garbage cleaning business.
“We are so grateful for the LSBDC for their assistance helping our dream become a reality,” said the Rainwaters. “They have helped us since day one and are still there for us whenever we need them. I would encourage anyone looking to start a business, or just need help with an existing business to take advantage of this wonderful program.”
LSBDC’s Kessler said, “It is reassuring to hear comments like those of the Rainwaters, that support our effort and dedication in the small business development arena. Many times we are buried in the art of research, analysis and detailed recommendations and don’t get to step back and appreciate the finished painting.”