New Study Says Millennials Leading the Way on Small Business

A new study suggests Millennials, in spite of the poor business climate created by big government and cronyism, are more equipped than ever to run small businesses. Here’s more on the study from Forbes:

The study found that boomer business owners launched their first businesses at roughly 35-years-old compared to just 27-years-old for millennials. This is due in large part to the greater access millennials have to the necessary resources compared to previous generations when they were the same age.

The difference does not stop there. As business owners, millennials are shifting the status quo and are making business leaders from previous generations rethink their own business models. The recent Small Business Indicator report from Nationwide found that millennial business owners are the most prepared and forward-focused in the market.

 What could explain this? A recent study from San Diego State University concluded that younger people today are more conservative than Generation X:
Additionally, millennials are more likely to identify as conservative than either Generation Xers or Baby Boomers were at the same age, said Jean Twenge, professor of psychology at San Diego State University and lead author of the paper.
“High school seniors are more likely to identify as political conservatives now compared to 10 years ago. Most surprising, more identify as conservatives now compared to the 1980s, presumably the era of the young conservative, such as the character Alex P. Keaton in the 1980s show ‘Family Ties.’ That goes against the common view of millennials as very liberal,” said Twenge, author of the book about millennials titled “Generation Me.”
“So the current view of millennials as liberals might be due to their age — young people are more likely to be liberal. But if you compare young people now to young people in previous decades, those now are more conservative,” she said.

This is quite fascinating. It can be argued that the presence of the gig economy and startups– like ride sharing services like Uber and Lyft, plus Airbnb–have enabled Millennials to create their own opportunities and provide quality services to large swaths of consumers. While many of these entrepreneurs oddly skew to the Left, they are harnessing the fruits of free enterprise to launch their businesses, employ others, and profit. Perhaps they’ll see the light soon? Wishful thinking!

We always hear politicians from both sides of the aisle talk how, if elected, they’ll create jobs. No candidate for president can guarantee jobs or create businesses. They can create a pro-business climate by imposing few restrictions onto or lifting burdensome restrictions currently placed on business.

It’s up to small business owners–including Millennial-run businesses–to fill the void in the country. We must lead and not repeat the mistakes committed by our predecessors.