My wife and I, two people squarely in the middle of the Baby Boomer Generation, have two great soon-to-be-college-graduate children who are squarely in the middle of the Entrepreneurial Generation (or as it is also called, Generation Y). Several recent studies seem to indicate that these two generations are leading the charge in the entrepreneurial economy today. So I read with great interest a new study released this week by OPEN from American Express about these two entrepreneurial demographic groups.
Here are a few highlights from this latest study:
– 36% of Generation Y small-business owners would jump right back into the entrepreneurial game even if their businesses fail, and surprisingly, 24% of Baby Boomers would do the same.
– Belief by both generations that America is worse off now than when they were kids
– More Baby Boomers say they are naturally energized than their Gen Y counterparts (50% GenY vs. 60% BB) but BB drink, on average, 1 extra caffeinated drink/day (2 GenY vs. 3 BB).
– On average, both groups work 10 hours/day and get 7 hours of sleep at night.
– Both groups agree free trade is a benefit to American entrepreneurs (72% for Gen Y and 69% for Boomers).
– 66% of GenY say they are tech savvy vs. less than half of BB (47%); 88% for both GenY and BB believe experience is more important than tech savvy.
– Both groups agree BB have the edge (59% GenY vs. 66% BB) because of experience.
Dr Jeff Cornwall
Co-founder of The Entrepreneurial Mind, serial entrepreneur and professor of entrepreneurship.
Another interesting report recently showed that 76% of Baby Boomers intend on starting another business in retirement. This is the number two priority for boomers. That first is a long vacation!!