SBDC study finds 1:2 millennials plan to start business in next 3 years
With studies revealing the millennial generation is now America’s largest generation and also the largest workforce, many employers are still trying to figure out what makes them tick. Some call them lazy, some call them passionate, while most are still confused. According to the America’s Small Business Development Center (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 1/2 millennials plan to start a small business in the next three years, with being one’s boss cited by 40 percent as motivation to do so, and 61 percent believing entrepreneurship is more secure and stable than 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,” Kessler said.
The study surveyed 1,000 people across America, weighed it to the Census and asked, “What are the drivers of small business? What does it look like by generation?”
Jason Dorsey, co-founder of the Center for Generational Kinetics said the study really showed that “millennials have an entrepreneur mindset, the desire and drive to own their own businesses. In fact, more than any other generation, but there’s certain things that they’re looking for.”
The study revealed that 59 percent of millennials say that with the right ideas and resources they would start a business within the next year, and 45 percent say access to capital is the biggest barrier to starting their business. It also found that the lack of knowledge and small business savvy is another roadblock to start small businesses. Over half of Americans say they would be encouraged to start a small business if they knew where to go for help.
Sanican Bin Cleaning in Monroe 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 debating their business idea, they reached out to the LSBDC to bring their mobile garbage cleaning business to reality.
“We are so grateful for the LSBDC for their assistance helping our dream become a reality,” the Rainwaters said. “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.”
Kessler added, “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.”