Millennial business owners are confident in the future of the U.S. economy and the success of their own companies, according to The Business Journals SMB Insights study, which measures how Millennials and Baby Boomers compare.
Relative to their Boomer peers, Millennial business owners have few worries except when it comes to the environment. Millennial business owners are more concerned about the environment and global warming than Boomers, who respect green values but are less likely to incorporate sustainability into their day-to-day operations. Fifty-one percent of Millennial business owners are making strong commitments to integrate sustainability into their business products and services compared to 41 percent of Boomers.
“The way Millennials run their businesses, make business decisions and how they spend their free time is a direct result of the uniquely diverse, technologically driven environment they grew up in,” said Jessie Shaw, director of research for The Business Journals. “Millennial business owners are a growing segment in the SMB community and represent our future leaders. They are vitally important to understand as their future decisions will impact generations to come.”
Millennial business owners grew up with technology. They consume business news most frequently via mobile or electronic device citing speed, breadth of resources and convenience as key benefits. Six out of ten prefer shopping on-line versus in-store for their business compared to 48 percent of Boomers.
More than one-third of Millennial business owners make investment trades online and 46 percent source new hires from online sources.
The Business Journals SMB Insights study is sourced from an extensive annual survey of a nationally representative sample of business owners, C-suite members and top management decision makers. Download a complimentary copy of the complete white paper. To see an infographic of the data, click here.
Source: The Business Journals’ SMB Insights whitepaper compares two generations of business owners.
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