Study finds half of all Millennials want to be their own boss

September 06, 2017 - 2:23 pm
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Michelle Southern reporting. 

Millennials have been called everything from lazy, to self entitled, to passionate — but a new study finds it’s best to call them entrepreneurs. America’s Small Business Development Center, or SBDC, found half of all millennials plan to start a small business within the next three years.

DeRon Talley, with the Louisiana SBDC, says they want to be their own boss.

"40% said that's why they want to do it, and 61% percent said that would be more secure and stable because we have trust issues with the workforce," said Talley.

Talley feels millennials are wary of working for “the man” because they grew up during the recession and may have seen their parents struggling to keep a job. He says the study also found that 45 percent of millennials say capital is the biggest barrier to starting a business.

"We were taught to go to school, get your four year degree," said Talley. "Then when you get out of school you get you a great job and live the American dream. But what we didn't know about was student loans and debt."

Talley says lack of knowledge and not being small business savvy is another roadblock millennials are facing when it comes to being their own boss. He says millennials feel they are tech savvy, and have a lot of innovative ideas, but don’t know how to turn that into their job.

"We have some pretty cool hobbies that we love to do and have figured out how to monetize, especially through technology," said Talley. "But starting a business has been a challenge because we don't always know where to go."

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