Almost two in five small businesses in the UK are run by millennials, a major new study has revealed.
The finding forms part of accountancy software Xero’s new research into business ownership and entrepreneurship across the nation.
It found that despite “stereotypes of laziness and entitlement”, millennials are among the most ambitious demographic, effectively driving the UK’s indispensable small business community.
In total, some 38 per cent of small business owners are under the age of 35, while the average millennial business owner founded their enterprise at the age of 22.
This is “far younger” than the average age of 35 for Generation X, the study adds.
Xero suggests that young people are increasingly attracted to the benefits and freedoms offered by running their own business. Taking more holidays and being less stressed, for example, was a commonly cited measurement of “success”.
And encouragingly, less than two per cent of young business owners plan on selling their business in 2020, despite Brexit uncertainty and financial pressures. On the contrary, 83 per cent are “confident of reaching their goals”.
Commenting on the report, Rachael Powell, Chief Customer Officer at Xero, said: “Millennial small business owners aren’t the future of the UK economy — they are operating it now.”
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