Entitlement, skinny jeans, avocados, and… entrepreneurship? A recent report by The Cargo Agency says your stereotypes of millennials may not hold up in the world of small business.
Millennials are the largest generation alive today, with more than 85 million living in North America alone. They wield an anticipated spending power of approximately US $2.8 trillion. They’re changing the face of small businesses, which were already the fastest-growing segment of American businesses. Small and medium-sized enterprises (SMEs) make up over 98% of all American companies. This new study found that the values and concerns held by millennial small-business owners may not be what most people expect.
The report, released today by the Greenville-based Cargo Agency, debunks some millennial stereotypes with some of its key findings:
- Millennials are cautious, not reckless. While common assumptions deem millennial SBOs as fearless or even reckless, this study showed Gen Ys are extremely cautious, due to coming of age in an era of economic turmoil and overprotective parenting.
- Millennials are conscientious. Using the Big Five personality traits, stereotypical understandings of millennials categorize them as driven by extraversion and neuroticism. The Cargo study found millennials are actually more conscientious at a ratio of 2:1.
- Millennials are not driven by profits. Millennial SBOs are driven by purpose and passion – more than just financial success.
For more information on Cargo’s study “Millennials Decoded,” click here to see the full report.