The generation known as millennials is changing business ownership.
This group, ages 22 to 41, has a passion for bringing their entrepreneurial ideas to fruition in their way.
It was millennials, who long before the pandemic, were pushing for remote work options. And it’s the tech-savvy millennials who thrived while working from home during 2020 and 2021.
They also like flexibility in their work schedules. Rather than a 9 to 5 time frame, millennials prefer flexible schedules, and they allow their employees to have the same.
Businesses started by millennials often are started at home then moved to an office or storefront as the business expands.
Millennials, born between 1980-1994, became the largest generation in the labor force in 2016 and will make up 75% of the global workforce in 2025, according to information on BSR.org.
Millennials are starting businesses at a younger age than previous generations. According to a 2016 BNP Paribas Global Entrepreneur report, millennials are starting businesses around age 27; baby boomers statistically launched their business around 35 years of age.
Advice from a Commercial Banker
Starting a business is an adventure for all who have the vision to take that step.
“The more advice you can receive the better,” Tyson Leyendecker, market president/EVP at Dubuque Bank & Trust, said.
“Put together an advisory group of people that you can bounce ideas off of. This group should include your attorney, banker,…