Infographic: Millennial small business owners in it for the long haul
Explore millennial entrepreneurs' attitudes toward their businesses.
Millennial small business owners
in it for the long haul: The Wells Fargo Millennial Small Business Owner study
In a committed relationship with their business
The study discovered that 80 percent of millennial small business owners, and 66 percent of older business owners, hope to grow their businesses over many years, potentially even passing the business down to their children.
Twice as many millennial business owners said they are looking not only for a comfortable future but to grow their businesses as big as possible.
Millennial business owners more willing to take on debt to invest in the future of their business
About two-thirds of millennial small business owners say that some amount of business debt is necessary for growth (63 percent), or are willing to take financial risks in order to grow their business (67 percent).
By comparison, roughly half of older small business owners hold these views.
Three in 10 millennial small business owners are still paying off student loans, owing roughly $30,000 on average.
Outlook on the future
77 percent of millennial business owners are more optimistic and said they expect their business to improve over the next 12 months, compared to 51 percent of older small business owners.
Looking in the mirror
Most small business owners see themselves as "business owners," though the terms "entrepreneur" and "freelancer" resonate more among millennials.
59 percent of millennials used the term business owner, compared to 67 percent of older small business owners.
28 percent of millennials used the term entrepreneur, compared to 11 percent of older small business owners.
And 16 percent of millennials used the term freelancer, compared to 8 percent of older small business owners.