LiveWell Louisiana

Business Minded

A new study finds that one in two Millennials plans to start a new business in the next three years.
October 3rd, 2017 by: Misty Milioto

The Millennial generation, which is America’s largest generation and also the largest workforce, is turning out to be quite entrepreneurial. According to a study by the America’s Small Business Development Center and the Center for Generational Kinetics, America’s Voice on Small Business, one in two millennials plans to start a small business in the next three years. Of the study’s participants, 40 percent cited being one’s boss as the motivation to do so, and 61 percent believe that entrepreneurship is more secure and stable than employment. The study, which surveyed 1,000 people across America and weighed it to the Census, also revealed that 59 percent of Millennials say that with the right ideas and resources they would start a business within the next year, and 45 percent said access to capital is the biggest barrier to starting their business. It also found that the lack of knowledge and small business savvy is another roadblock to start small businesses.

“We recognize that entrepreneurship desire and actual implementation can be quite different, especially to the Millennial generation that is up against many roadblocks to starting a small business, as well as gaps in information,” says Rande Kessler, state director of the Louisiana Small Business Development Center. “The LSBDC is specifically here to either assist in roadblock removal, or help the budding entrepreneur to see a way around it.”