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Latest News / 42% of Millennials support start-up with second job

 

A new report has revealed that 42% of millennial entrepreneurs have a second job to support their start-up aspirations.

The report, published by American Express and Startup Canada, interviewed 511 Canadian entrepreneurs on their experiences and opinions to build a profile of entrepreneurship today.

Across all age groups, 88% of entrepreneurs believed that passion for their venture is more important than turning a profit, and 85% are willing to take financial risks to grow their business.

In the millennial group, along with 42% having a second job, 52% revealed they had used personal savings to fund their start-up.

Passion and financial investment were the main reasons why 74% of millennial small business owners reported “feeling married” to their venture. Nearly one in three (30%) said that starting their business was motivated by a desire to turn their passion into a career, whilst 17% stated that financial independence was the main driving force.

The report identified common barriers to millennial entrepreneurship, including cash-flow, which was the biggest concern for 47% of respondents. 75% of the entrepreneurs manage their own cash flow, including 55% who report facing difficulties in doing so. Key challenges within cash-flow management included dealing with taxes, budgeting and accounting.

You can learn more about the report here.

 


 

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