Millennials have a reputation for ditching their nine-to-fives for entrepreneurship. But in terms of young people actually going out to start their own businesses, this perception is very different from reality.
Why? According to a study by the Small Business Administration, in 2014, less than 2% of millennials were self-employed. This compares with 7.6% of Generation X and 8.3% of Baby Boomers. Another study, conducted by the Kaufman Foundation, found that young people (age 20-34) accounted for only 22.7% of entrepreneurs in 2013, compared to 34.8% in 1996. Further, John Lettieri, the cofounder of the Economic Innovation Group, stated in a U.S. Senate Committee Hearing on Small Business and Entrepreneurship that millennials are likely going to be the “least entrepreneurial generation in recent history”.
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By: Natalie Bacon, Forbes
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