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Main Street Monday — Half of Millennials Plan to Start a Small Business in the Next 3 Years

June 5, 2017

By Bob Coleman
Editor, Main Street Monday

Main Street Monday — Half of Millennials Plan to Start a Small Business in the Next 3 Years

And 62% say they want a business that makes money, specifically “lots of money,” rather than a business that is “lots of fun.” Being one’s own boss was cited by 40% as motivation to strike out on their own.

More stats provided by an America’s SBDC report.

  • 59% of millennials say that with the right ideas and resources they would start a business within the next year
  • 61% of millennials believe that the best job security comes from owning your own business
  • 45% of millennials say access to capital is the biggest barrier to starting their business

In fact, the entrepreneurial spirit is alive and well throughout all generations across the country.

Even living through the Great Recession, 62% of Americans have a dream business in mind that they would love to start. A staggering 41% say they would quit their job and start a business in the next six months if they had the tools and resources they needed.

Notes Tee Rowe, president of America’s SBDC, “It is clear that the entrepreneurial spirit is not only alive and well in America, but that people are eager to find help to build their dream business.”

One problem is access to capital.

Money was cited by 55% as the most limiting factor in entrepreneurship. When broken down by gender, 63% of women feel most challenged by this barrier.

The lack of knowledge and small business savvy is another roadblock existing for Americans looking to start small businesses. Over half of Americans say they would be encouraged to start a small business if they knew where to go for help.

Even more striking, more than 13 million Millennials cite not knowing where to go for help to start or run a business as the number one reason that keeps them from starting their own business.

But, Tee Rowe has a solution, “We at America’s SBDCs could not be more ecstatic or well positioned to help them grow with our nearly 1,000 locations across the country filled with dedicated professionals,”

Read the full report.

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