Entrepreneurship

15 Millennial Entrepreneur Facts

millennial_enetrepreneur_facts

At over 80 million strong, the millennial generation is changing the way just about everything works – including work.

Trailblazing Millennials are forgoing traditional work opportunities in favor of something that provides a lot more freedom –entrepreneurship.

As millions of millennials start their own businesses and say “yes” to hiring themselves, the way we work is forced to quickly evolve. Full-time employees are being replaced by independent contractors, and old school 9-to-5’s are being converted to virtual positions (margarita by the beach, anyone?). 

As our culture becomes increasingly entrepreneurial (thank-you, millennials), here are 15 facts everyone needs to know about millennial entrepreneurs:

  1. 35 percent of employed millennials have started their own business on the side to supplement their income (Iconoculture).
  2. 84 percent of millennials say that helping to make a positive difference in the world is more important than professional recognition (Bentley University’s Center For Women And Business).
  3. 50 percent of bloggers are millennials (Nielsen).
  4. Entrepreneurship curriculum has been added to more than 2,100 U.S. colleges and universities (US Chamber of Commerce).
  5. More than 40 percent of the freshmen that come into Belmont University’s entrepreneurship program have already started businesses (Belmont University).
  6. Millennial males, blacks, and Latinos are most inclined toward starting their own business; females are more likely to be interested in starting nonprofits (US Chamber of Commerce).
  7. 90 percent of millennials say being an entrepreneur is a mindset instead of the role of a business owner (Millennial Branding / oDesk).
  8. 64 percent of millennials would rather make $40,000 a year at a job they love than $100,000 a year at a job they think is boring (Inc.).
  9. Millennials say the ability to get a loan or credit is the biggest challenge to starting a business, with almost two-thirds saying that they do not receive enough support from banks (US Chamber of Commerce).
  10. 54 percent of millennials either want to start a business or already have started one (Kauffman Foundation).
  11. 87 percent of millennials believe that “the success of a business should be measured in terms of more than just its financial performance” (Deloitte).
  12. More than a quarter (27%) of millennials are already self-employed (US Chamber of Commerce).
  13. In 2011, millennials launched almost 160,000 startups each month, and 29% of all entrepreneurs were 20 to 34 years old (US Chamber of Commerce).
  14. While the older generation launched their first businesses at roughly 35 years old, the average age of millennial entrepreneurs is 27 year old (BNP Paribas Global).
  15. Millennials have launched about twice as many as boomers have—nearly eight companies each versus three to four for boomers (BNP Paribas Global).

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