Just in case you may have missed this – Millennials now are the largest living generation in the United States. So if you’re going to be able to meet their wants and needs, you must have an acute understanding of just how entrepreneurial they can be.
To help keep you on track, Xero’s “Special Report: Millennials are the Future of Small Business” report recently surveyed more than 1,200 former and current U.S. small business owners to see what sets Millennials apart from their older counterparts when it comes to starting and running a small business.
The report shows that despite growing up in a recession, Millennials aren’t afraid of a suffering economy – global or local – and benchmark success by the quality of work/life balance and ability to give back to the community. Other key findings include:
- Unemployment is the biggest motivator for Millennials that want to start their own businesses (22 percent)
- A healthy work/life balance – not the number of zeros in their bank accounts – is how 79 percent of Millennials measure the success of the businesses
- Despite a growing economy, Millennials remain cautiously optimistic about the future of their companies’ growth (49 percent)
- Respondents over 50 were the most optimistic about their companies’ future growth (57 percent), yet the most worried about a local suffering economy (47 percent) – Millennials are the opposite
- 43 percent of Millennials said the rising costs of running a business is what keeps them up at night
To read the blog, click here.