Millennials and small business go well

Millennials — Americans born between 1980 and 2000 — may be the most entrepreneurial generation ever. A new study shows Millennials have more experience with small business and greater desire to start businesses than previous generations. But the study also demonstrates a continuing need for help for entrepreneurs if they’ll create the jobs America needs.

The study, released Wednesday by America’s SBDC, the association of the country's small business development centers, shows that people in their 20s and 30s are eager to launch new companies and be their own boss and that they trust themselves to provide their own financial security more than they trust others.

This entrepreneurial yearning isn’t idle dreaming. Even though they’re younger, Millennials are already more likely to have started a business than Baby Boomers (born between 1946 and mid-60s) or Gen Xers (mid-60s to 1980). They’re in a hurry, wanting to start businesses soon. But they know they need help.

"We are very encouraged that millennials are strongly inclined to begin the entrepreneurial journey,” said C.E. “Tee” Rowe, CEO of America’s SBDC, a network of nearly 1,000 SBDCs providing free consulting and low cost training.

“Not only do they want to take that path but they have the foresight to know that they'll need help along the way," he said.

New businesses are vital for America – over the last three decades, virtually all new US jobs have come from firms less than five years old, according to the Kauffman Foundation. New businesses not only produce most of the jobs but improve productivity, even create entire new industries.

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