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Millennials more interested in business ownership

The Millennial generation generally includes those born between the years of 1980 and 2000. While many Louisianans may have their own opinions about this generation's mores and attitudes, according to one study, they may be the most apt to start their own business. The study also claimed that these entrepreneurs still need assistance in starting a business in order to create more jobs in our nation.

The study, by America's SBDC, found that individuals between 20 and 30 want to start their own businesses. These individuals believed that doing so would give them more financial security than that they would experience if they worked for someone else.

In fact, when compared to other generations, Millennials were more apt to have already established their own business. The study revealed that 30 percent have already established their own business, compared to 22 percent of "Gen Xers" and 19 percent of "Baby Boomers." Moreover, just over 25 percent of Millennials studied earned their whole income from their own businesses.

However, Millennials still need assistance in creating their own small businesses. Almost 50 percent of those studied wanted to create their own business in the next three years, and 54 percent of those studied reported they would leave their current job to create their own business within the next six months. But, they may not know that there are resources available.

This study gives an interesting perspective about how young adults can help the economy and create job growth through business ownership. These entrepreneurs should seek the help they need to make their dreams a reality, including discussing their plans with an attorney.

Source: USA Today, "Millennials and small business go well together, study says," Rhonda Abrams, May 31, 2017

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