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Latest News / Millennials are 6X more likely to start a business than their parents

 

Millennials are six times more likely to start a business than their parents’ generation, according to the 2016 GoDaddy Global Entrepreneur Survey.

The report found that 62% of 18-30 year olds intend to start a business, or become self-employed, before 2026, in contrast to 21% of 51-70 year olds, and 48% of those aged 31-50. The average across all ages is 45%.

The main motivation for people either starting, or desiring to start, their own venture was the flexibility that ‘being their own boss’ provided; reported by 41% of those surveyed. This was over twice the amount of individuals whose main motivation was money (17%), and fear of unemployment (17%).

Technology was highlighted as a driving force in start-up success. 81% of those interviewed believed technology made starting a business easier, with 58% of respondents identifying websites and social media as the most important channels for attracting customers.

One negative impact of technology revealed by the report was the prevalence of technology reducing available work. 40% of respondents reported being made unemployed or experiencing reduced hours as a result of new technologies. However, an inspiring 18% of the 2,824 small business owners interviewed has started up their venture to overcome being made unemployed.

Summarising its finding, the report comments, “We are entering the ‘Entrepreneur Era’, fuelled by the largest living generation in the world: Millennials. Their quest for autonomy is perfectly timed with the intersection of new technologies that make starting a company as easy as building a website.”

You can access the full report here.



 

Millennials are 6X more likely to start a business than their parents
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