Millennials are now full adults, and as with all previous generations, often look towards becoming small business owners. So how does the current generation of new adults compare to others?
By age 30, only 4% of millennials are self-employed. That lags behind generation x (5.3%) and baby boomers (6.8%). 42% of millennials say that they simply don't have enough money to start a business, but 68% of them admire and look up to entrepreneurs.
A 2019 study by Wells Fargo indicated passion was a common reason for starting a business for both millennial entrepreneurs (59%) and older entrepreneurs (51%).
Older entrepreneurs are more likley to start companies our of a need for challenge and growth (55% v 43% for millennials).
Here's an infographic from Score, detailing how millennials are becoming entrepreneurs.
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