{"id":621609,"date":"2018-11-13T04:18:20","date_gmt":"2018-11-13T04:18:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/13\/are-millennials-less-entrepreneurial\/"},"modified":"2018-11-13T04:18:20","modified_gmt":"2018-11-13T04:18:20","slug":"are-millennials-less-entrepreneurial","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/13\/are-millennials-less-entrepreneurial\/","title":{"rendered":"Are millennials less entrepreneurial?"},"content":{"rendered":"

Are millennials less entrepreneurial?<\/strong> In the era of Facebook, Twitter, Snap and the slew of unicorns founded by (or attractive to) millennials, we were quite surprised when we came across this piece by the FT<\/a> which suggests that in fact, millenials are less entrepreneurial than their counterparts from Generation X and older. Fewer than 4% of 30-year-olds in the US reported they were in full-time self-employment compared with 5.4% of Generation X and 6.7% of Baby Boomers (defined as those born between 1944 and 1962) at the same age, according to a 2014 study by the US Small Business Administration (pdf)<\/a>.<\/p>\n

They also fail more often, apparently:<\/strong> That\u2019s not to say that millennials don\u2019t have the youthful independence of previous generations \u2014 entrepreneurs aged between 20 and 35 had on average already set up twice as many businesses as those over 50, according to a 2015 report from BNP Paribas. It\u2019s just that they fail more. \u201cThe younger generation of founders is far less likely to be successful compared with their older peers: the peak age for a founder is 45 with those in their 20s least likely to create a high-growth firm,\u201d according to a study by US Census Bureau (pdf)<\/a>. In the UK, official data reflects the number of failed businesses.<\/p>\n

You can blame the global financial crisis:<\/strong> The FT suggests that art of the downturn in the number of startups run by millenials might be due to an attitude averse to risk that likely took hold during the global financial crisis. US Census Bureau statistics show that startup creation dropped sharply since 2008 and has yet to recover to pre-crisis levels. \u201cMillennials do suffer from a lack of confidence,\u201d said Ana Bakshi, who heads the new Oxford Foundry project, a hub program at Oxford university.<\/p>\n

There\u2019s hope in future generations:<\/strong> But there is a change in attitude that is being reflected in younger millennials: 15% of incoming students reported an interest in becoming entrepreneurs in October 2016; according to a study from Oxford university careers service. Almost a year later, the figure had risen to 19%. \u201cThere\u2019s a marked increase \u2014 a significant difference between age groups,\u201d says Robert Osborne of the Centre for Entrepreneurs, a think-tank in London. \u201cBefore people may have started companies in their late 20s but were not getting to scale until their late 30s. In the past 18 months we\u2019ve had lots of young millennials \u2014 around 20 to 25,\u201d said Emma-Jane Packe, managing director of the Supper Club, a networking group for scale-up businesses. That could be because younger entrepreneurs are scaling up their businesses quicker.<\/p>\n","protected":false},"excerpt":{"rendered":"

Are millennials less entrepreneurial? In the era of Facebook, Twitter, Snap and the slew of unicorns founded by (or attractive to) millennials, we were quite surprised when we came across this piece by the FT which suggests that in fact, millenials are less entrepreneurial than their counterparts from Generation X and older. Fewer than 4% […]<\/p>\n","protected":false},"author":1,"featured_media":621610,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[72,203,123,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-enterpriseam","tag-entrepreneurship","tag-startups","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"303b06de-7b6e-4feb-ae36-b93bb5bbbc7e","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/217.jpg","photo_position":"above","related_issue":[621586],"teaser":"","voice_url":""},"yoast_head":"\nAre millennials less entrepreneurial? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/13\/are-millennials-less-entrepreneurial\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are millennials less entrepreneurial?\" \/>\n<meta property=\"og:description\" content=\"Are millennials less entrepreneurial? 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