Millennials, born between the early 1980s and late 1990s, are reshaping the entrepreneurial landscape with their innovative ideas and drive for creating work they are passionate about. We’re exploring the unique characteristics and challenges of this generation while offering insights and inspiration for small business owners and aspiring entrepreneurs.
What sets Millennial entrepreneurs apart:
The Millennial Mindset – This generation values work/ life balance, social impact, and autonomy. Millennials are redefining traditional business models and embracing collaboration.
Digital Age – Digital platforms, social media and e-commerce have created many new opportunities for Millennials to start and expand their business as well as network.
Making an Impact – Millennials are motivated by purpose-driven business ventures and ethical practices. Unlike prior generations, Millennials prioritize social and environmental impact.
A survey by the Economic Innovation Group (EIC) found that:
- 62% of millennials considered starting a small business.
- 55% of millennials believe their generation is more entrepreneurial compared to older generations.
- 42% of millennials believe they do not have the means to secure capital for their business to expand.
The main reason most new businesses started by millennials fail is because they lack cash. A study done by CB Insights in 2021 found that 38% of all small businesses fail because they run out of cash or are unable to produce financing solutions. Millennials understand that growing a business often requires financial support which is why 20.5% of all Millennials in the U.S. applied for an SBA loan in 2021 with less than half of them actually receiving it.
Unlike most traditional lenders’ strict requirements, QuickBridge's minimum requirements are to be in business for at least six months and an annual revenue of $250,000. If your business is lacking capital, talk to a funding specialist from QuickBridge to discuss your options. With the right financial support, Millennials can unlock their entrepreneurial potential and thrive as future business leaders.