Over the past few years, the chances of small business success for any single company has likely improved at least somewhat thanks to continued economic improvement seen since the end of the recession. Now, that seems to be translating into better feeling for many owners, and younger ones in particular.
Today, about half of all small business owners believe that their local economies will take steps toward recovery over the next 12 months, but among those aged 18 to 34 years old, that number is actually 82 percent, according to the latest data in the Small Business Owner Report from Bank of America. Further, 74 percent of those millennials felt similarly optimistic about the national economy, compared with just 45 percent of all entrepreneurs.
“Millennial small business owners have become a positive, driving force in our economy,” said Robb Hilson, Bank of America Small Business executive. “Whether it’s embracing and adapting to new technology, growing their business or confidently contributing to their local economies, they are a growing influence on our country’s economic success.”
Other results among Generation Y
In addition, 78 percent of younger owners polled said that they think their own companies revenues will increase in the next year, more or less in line with 71 percent of those in Generation X (aged 35 to 49), but only 52 percent of baby boomers (50 to 68), the report said. Along similar lines, 87 percent of millennials say that they plan to increase the size of their companies over the next five years, compared with 73 of Gen Xers, and only 57 percent of boomers.
It should likewise not be all that surprising to see that 85 percent of those younger owners polled say they have a strong grasp on technology these days, compared to the overall number of just 58 percent, the report said. Further, only 22 percent of millennials said that they could keep their companies going without having access to a smartphone or tablet.
Owners who want to best position their companies for success in the coming years might want to think about the ways in which they can benefit by finding more affordable small business insurance coverage. For instance, if they can cut costs for general liability insurance, they may be able to save thousands of dollars annually, which in turn may lead to savings of thousands of dollars every year.