Most Millennials are intrigued by the notion of starting a business. A full 72% would consider it, enticed by the independence, the opportunity to pursue a passion and the potential for financial gain.
Starting a business appeals to Millennials
Top reasons Millennials would start a business
I would like being my own boss and being directly responsible for the success of my business.
The most attractive aspect of owning my own business would be the ability to pursue my dreams as far as they’ll go.
...but fear of failure keeps them on the sidelines
Though many Millennials aspire to own a business, few seem inclined to make their dreams a reality. More than any other generation, Millennials view starting a business as too risky and too stressful. Nine in 10 believe pursuing a professional career is easier.
Millennials’ restraint is in stark contrast to the approach their parents took. Current business owners, most of whom are Baby Boomers, founded their businesses when they were just 25 years old, on average.
Millennials see excessive risk in owning a business
Start-ups can give you a feeling of insecurity. With a large corporation, there is really no worry because you know that the company will keep going, regardless of whether you make a mistake or not.
Owning a business is very risky. You usually provide the capital, and you take on legal and other risks. As an employee, the employer takes that on for you.