The millennial generation is the one who is most keen to set up their own small businesses in the future – and has the right attributes to make their ventures successful, according to a recent study
Exactly half (50%) of adults aged 23 to 38 expressed their hope that they will one day run their own business, with 35% going as far as to call it a life goal of theirs.
The survey carried out by Informi revealed that members of the millennial generation added that their main reason for wanting to start their own SME was due to the need to earn more money (41%) and to do something on the side of their day job (28%) – rather than necessarily because they have a great business idea (22%) or have spotted a niche in the market (18%) – suggesting that the effects of the credit crunch and subsequent recession have had a particularly strong effect on this generation.
But millennials also have the determination to make any business venture a success, according to the study. 65% said they were very or fairly confident that they would run a successful SME, while 74% already monitor their work emails outside of office hours. A further 73% say they would enjoy working on their own – with 54% adding they would make a good manager when their business was able to take on extra workers.
The study suggested that millennials’ passions were to set up SMEs that, most importantly, made a difference, offered work-life balance and job security. Baby boomers, in contrast, valued having interesting work and having a passion for the job that they did.
While 35% of millennials favour the retail sector as the best industry to start their business in, some 12% preferred the education sector as their most likely home. Information technology (11%) and healthcare (7%) also proved popular choices.
“Great businesses ultimately come in all shapes and sizes, and from all generations,” said Steven Drew, product manager for Informi. “But the rise of the millennials as entrepreneurial champions could help to encourage other adults from their generation to take the plunge into setting up their own business – something that over 550,000 people in the UK did during 2017. Those considering setting up a business need to be aware of the risks involved and the need to gain support, but having a strong business plan and the means of financing a venture could lead to you playing a crucial role in benefiting the British economy.”