As 2019 draws to a close, it’s time to reflect on the year and set goals and intentions for the next year. For many people, this could be taking a step towards the business or side hustle that they’ve always dreamed of starting.
Here at GoDaddy, we’re on a mission to help empower everyday entrepreneurs to start their own venture, and in an effort to better serve them, we recently conducted a survey to understand how different generations think about entrepreneurship.
In partnership with OnePoll, we surveyed 3,000 Americans – 1,000 millennials, 1,000 Gen-Xers, and 1,000 baby boomers – and the results show that Americans are becoming more entrepreneurial.
Millennials, the generation of entrepreneurs
Nearly one in three millennials (30 percent) reported that they have a small business or side hustle, with nearly one in five (19 percent) saying it’s their main source of income. While one in five Gen-Xers has some kind of business or side hustle, only 11 percent of baby boomers could say the same.
Millennials were also by far the least likely to say they had no interest in starting a small business, with only 28 percent agreeing, and 74 percent of baby boomers agreeing with the same statement. Over half of millennials – 56 percent – affirmed that entrepreneurship has always been a long-term goal, compared to 43 percent of Gen-Xers, and 21 percent of baby boomers.
Some millennials credit a challenging job market in their early working years as a force toward entrepreneurship: 38 percent of millennials believe that coming of age during the Great Recession has made them more resourceful, and better suited for entrepreneurship.
Technology makes it easier
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.
66 percent of millennials feels that they’re equipped to handle the marketing and social media responsibilities that come with growing a business, compared to only 23 percent of baby boomers.
Tools like our recently launched service Websites + Marketing make it easy and affordable for anyone to take a business online and connect with their audience.
The life of an entrepreneur
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.
Entrepreneurial influences also start early. Nearly one in four millennials – 24 percent – shared that they’d come from a family of entrepreneurs and small business owners, while only 12 percent of baby boomers had a similar background. Can we expect future generations to have even more aspirations of owning their own business?
But perhaps the most telling stat of all was this: of those that have a small business 84 percent of millennials report being more satisfied as an entrepreneur than when they worked for other people.
As more and more people take the leap toward entrepreneurship and fulfilling their goals, we’ll be here to support them.