On Wednesday, Wells Fargo released a study revealing that millennials plan to leave their businesses to their children.
In March and April, Wells polled 1,000 business owners, both millennials and entrepreneurs 36 years old and above.
“Eighty percent of millennial business owners said they want to develop their businesses over the course of many years, and potentially hand them down to their children someday,” Fortune’s Jeremy Quittner reported. “Surprisingly, only 6 percent of millennial respondents and 9 percent of older respondents said they had either inherited or bought the businesses they now run. Most started their businesses from scratch.”
Though it is widely known that millennials are living through a serious student debt crisis, averaging more than $25,000 per student, the study revealed they are not afraid to take on additional debt if it means longevity for their businesses.
“Many millennials believe that business debt and financial risk are necessary for the future growth of their businesses,” the study noted.
With their willingness for risk comes a desire for work with purpose. Many reports have shown that taking on their own business ventures gives millennials the opportunity to find value in their work.
“Nearly 60 percent of millennials said they started a business because they want to feel passionate about what they are doing,” Quittner said. “Slightly more than half of older entrepreneurs noted passion as a key element for starting a business.”
Despite the common accusation that millennials are “short term thinkers,” the study showed younger workers are, in fact, thinking ahead. Not just for themselves, but for future generations, too.
