Associated Press
A survey found that 80 percent of young entrepreneurs say they plan to grow their businesses over the years and one day, pass them on to their children – even though 59 percent of those interviewed do not yet have children.
Millennials are most willing to take financial risks in order to see their businesses grow because they view their ventures as long-term investments.
Two-thirds of those millennials interviewed said that it is important to incur some amount of debt as it often plays a role in helping a business grow. Twenty-one percent said they expected to take on some amount of debt by next year.
“I’m surprised that this generation, having such an affiliation with the Great Recession, has that enthusiasm around growth and are big dreamers and planners,” Small Business Segment Manager for Wells Fargo Doug Case said. “I thought it was great to see that, even with the financial environment they’ve seen, and also the fact that a lot of millennial business owners carry debt from school. It’s encouraging that those realities have not dampened their spirit.”
That risk-taking and business acumen could give the Republican Party an opportunity to reach out to millennials who would otherwise avoid the party.
Kristen Soltis Anderson, a Republican pollster and millennial, told Time that there are several ways the GOP can become more appealing to millennials. She suggests that the party appeal to millennials’ sense of entrepreneurship by addressing deregulation. Talking about government efficiency and responsibility governance, too, could boost the party’s lagging youth numbers by pulling in those interested in the future of businesses and economics.
According to the study, the future is something that many millennials are mindful of. “They live and thrive off of the future and the next plan,” Case said. “It’s driving more of an immediacy and technology-driven business operations. It’s requiring [businesses] to become tech savvy.”
Millennials are more likely to begin businesses because they are passionate about the venture and, despite the unpredictability of the job and stock markets, three-fourths of millennial business owners expressed optimism about growth in the coming year.
