Millennial

Reporter: Mariel Segador

Young Millennial entrepreneurs share their ideas for a new
company. Millennials are the most diverse group of small
business owners, compared to every other generation. A
Millennial entrepreneur is 77% more likely to be African
American than a “Baby Boomer” small business owner.
• From Baby Boomers and those that grew
up at a time of dramatic social change, to
Generation X and those that saw the
dawn of the age of technology and then to
the Millennials who were born into the age
of information.
• A generation that has been described as
lazy, narcissistic, entitled and unable to
stay in one job, have also been described
as the most purpose driven and
potentially the most entrepreneurial of all
previous generations.
How do Millennial small business owners
differ from their older counterparts?
• A recent study by wells fargo examined some generational
differences. But first, some similarities: 59 percent of Millennial
entrepreneurs and 51 percent of older entrepreneurs say they
started their businesses because they felt passionate about them

• Older entrepreneurs are more likely than Millennials (55

percent vs. 43 percent) to say they started their companies out
of a need for challenge and growth. This makes sense, because
older entrepreneurs are more likely to feel a bit stagnant in
their jobs simply because of their age and experience.
While Millennials may have a reputation as flighty, the
survey shows that when it comes to business
ownership, this generation is focused on the long term
• In fact, 80 percent of Millennial entrepreneurs say they hope to pass their businesses onto their
children someday — even though most of them don't yet have children! By comparison, two-
thirds of older entrepreneurs hope to pass their businesses down to their kids.
• Millennials also have big plans for their small businesses. Nearly eight out of 10 older small
business owners (79 percent) say they would be happy for their businesses to stay small — all
they want to do is create a comfortable living for themselves and their families. Among
Millennials, however, just 59 percent are satisfied with the idea of keeping their businesses small;
41 percent hope to grow their businesses as big as possible.
• Among older entrepreneurs, however, only about half agree with these opinions. Millennial men
are even more likely than Millennial women to be willing to take financial risks in order to grow
(77 percent vs. 55 percent).
•  43 percent of Millennial small business owners say they have already taken on some personal
debt in order to finance their companies, compared to one-third of older small business owners.
Many have maxed out their credit cards, on top of the student debt that three out of 10 Millennial
entrepreneurs are already dealing with.