According to a recent study and article published by OpenForum.com, millennials may, in fact, be better as small business owners than other generations. Entrepreneurs under the age of 30 years old are reportedly seeing more growth in their businesses than any other age group, according to the fifth annual DNA of an Entrepreneur report by Hiscox, a global specialist insurer serving the small – business community.
According to the report, millennials were more likely to report growth in their businesses over the past year and were also more optimistic than other generations. This increase in growth and optimism are reportedly due to the following factors:
1) They Are Innovative
Millennials are more open to, and take more risks with, new innovation. This includes their being leaders in the development of new and more innovative products that will shape the future and not being afraid of taking risks. “Their small business cultures reflect the fact that they are happy to abandon the status quo if it’s not working, and are always looking to discover the next big idea.”
2) They Are Free To Work Hard
Millennials have more freedom to being workaholics. Younger business owners can “afford” the stressors that come along with being a business owner as many of them still live at home with their parents and are not bogged down yet with families of their own or aging parents to take care of. Though millennial business may not see any benefits to starting their days at 9:00 am, they may still be working at 9:00 pm, which many business owners with added responsibilities typically try to avoid.