Millennials are set to become a generation of entrepreneurs. In fact, a new study says that more than half of millennials (those born in the last twenty years of the twentieth century) would leave their current positions and start a small business if they knew how to find financing. A similar number were planning to launch a startup within the next three years.
Blazing a New Trail
These statistics are remarkably different from the entrepreneurship of Baby Boomers and Gen-Xers. Less than a quarter of boomers or Gen-Xers own their own business, 30% of millennials already do. Millennials are missing the input of mentors, though. Some 58% of them expressed that they would be more interested in starting a small business if they had someone older to offer guidance and support.
Millennials are a notoriously creative generation. Their ambition and value of self-expression sets them apart from other age groups. In fact, their determination may spell out a brighter economic outlook for all of us.
Access to Funding Is the Last Hurdle
Access to small business loans is an issue for this driven generation, especially for female millennials. More than two-thirds of women surveyed said that finding and securing loans stood as the greatest hurdle to starting a business.
At Lendio, we love helping millennials get loans for their startups. You can think of us as a matchmaker between entrepreneurs and small business loans in Anaheim.
Our one-time, online application has transformed the expensive hassle of applying for a loan into a simple pleasure. Whether you’re a millennial launching your first business or an experienced professional embarking on a new path, we can help you find financing in as few as 24 hours. You get time to focus on the things that matter – like your business!