Millennials and Gen Z Twice as as Likely to Launch a Side Business

Whether or not you’re an entrepreneur, small business week (September 13-17) is a special time because it’s a chance to learn about ways that you can improve your understanding of business, finance, and entrepreneurship.

If you’re LGBTQ+, this week is even more important, because entrepreneurship provides a rare opportunity to live, earn, and control your professional life on your terms—without judgement or constraint.

Freedom of self-expression was a major driver behind why I launched a business in my 20s and expanded into real estate investing, so I would understand if it was a motivation for you.

Trends in Small Business and Entrepreneurship

Did you know that the U.S. currently has over 30 million small businesses? Worldwide, there are an estimated 582 million entrepreneurs, although that figure varies depending on how you define the term.

If that’s not enough, Millennials and Gen Zers are nearly twice (2X) as as likely to plunge into creating a side business. Specifically, studies cite them to be 188 percent more active in this area than previous generations.

Common motivations for starting a new business include wanting to: 

• Be your own boss (an estimated 55% of business owners)
• Pursue your own passion
• Have uncapped earning potential
• Control your own time and location

Intriguingly, nearly half (46%) of small business entrepreneurs are between the ages of 41 and 56.

The most likely reason for this age breakdown? It takes time to become an expert in your field and step into leadership.

Plus, while only 61% of the world is currently connected via the internet, this is rapidly changing—with more than a quarter of a billion new users coming online each year and connecting via the internet and blockchain technology.

To further amplify these forces, easy online retail integration (think Shopify), smooth payment integration processing (think Stripe), and nearly instantaneous communication (think Zoom) have made starting a business the cheapest and lowest risk it has ever been.

This means that even if you’re not an entrepreneur yet, you may be in the future—or you may want to collaborate, partner, or work for one.

Celebrating Small Business Week

To celebrate small business week, here are a few steps you can take:

• Learn tactics for increasing your income here
• Get educated about investment types and tactics here
• Learn real estate investing strategies here
• Or, explore a broad range of financial topics here

Of course, if you’re feeling social, share this article to an entrepreneurially-minded friend.

Want to stay in the loop? Join nearly two million other readers who are learning how to increase income, invest for cash flow, skyrocket confidence, and so much more.