According to a new survey, out of a pool of 1,000 millennials, 1,000 Gen-Xers, and 1,000 Baby Boomers, millennials were found to be most likely to have some type of small business. By a long shot.
Nearly one in three millennials (30 percent) said they have some type of small business or side hustle, with 19 percent saying it’s actually their main source of income.
One in five Gen-Xers also have some type of small business, but only 11 percent of boomers were able to say they run their own small business.
Millennials were also by far the least likely to say they had no interest in starting a small business, with only 28 percent saying this. For comparison, three in four boomers (74 percent) said the same.
The survey, conducted by OnePoll on behalf of GoDaddy, undoubtedly pointed to one clear fact: young Americans are ready to be their own boss.
What’s prompting millennials’ entrepreneurial aspirations? Comfort with technology could be one explanation. 50 percent of millennials agreed that growing up with the internet has made them better suited for entrepreneurship.
The affordability and accessibility of technological tools could also influence this - 47 percent of millennials believe that all Americans have the means to start a small business, compared to just 28 percent of boomers. GoDaddy’s recently launched Websites + Marketing product is one technological offering that’s made it easier to launch a business and help market it.
“Technology has made it easier than ever for anyone with an idea to create a home for it online and find their audience,” said Melissa Schneider, global trends expert at GoDaddy. “We built our Websites + Marketing product to make creating a website and generating traffic online as easy and intuitive as possible, and we’re seeing that the simplicity and time saved has encouraged many would-be entrepreneurs to take the leap and start their own small business.”
“66 percent of millennials reported feeling equipped to handle the marketing responsibilities that come with running a small business, compared to just 45 percent of Gen X respondents, and 24 percent of boomers.
One in three millennials credit social media and online presence as the most effective form of marketing, compared to one in five boomers. 80 percent of millennials believe that social media presence is an important component when starting a small business, compared to 66 percent of boomers.
The most popular sectors for millennials to start small businesses in are arts, music, and entertainment (13 percent), food and beverage (12 percent), and retail and sales (10 percent).
The data also indicates that for many millennials, entrepreneurship isn’t just a career choice, but a lifestyle. 20 percent of millennials have sought out a community of other entrepreneurs, compared to less than 12 percent of Gen Xers, and less than five percent of boomers. Most tellingly, 84 percent of millennials report being more satisfied as an entrepreneur than when they worked for other people.
“Entrepreneurship is not without its challenges, but it’s also one of the most rewarding and meaningful paths one can choose,” said Melissa Schneider. “Our mission at GoDaddy is to empower entrepreneurs with all of the tools and guidance they need to succeed online, and we’re heartened to see younger generations embracing their passions and forging their own way.”
DO YOU CURRENTLY RUN YOUR OWN SMALL BUSINESS?
AGE OF RESPONDENT:
23-25 39-54 55-75
Yes, and it's my main source of income:
18.90% 14.30% 5.50%
Yes, but it is a side hustle and not my main source of income:
11.40% 17.90% 4.80%No, but I would like to have one:
30.60% 27.50% 12.80%No, and I wouldn't like to have one:
28.40% 42.40% 72.60%
No, but I have a side hustle participating in the gig economy
10.70% 7.90% 4.30%
