The Missing Millennial Entrepreneurs
Daniel Wilmoth, Ph.D. for SBA Office of Advocacy
First published February 2016
Entrepreneurship is lower among Millennials than among prior generations. In 2014, less than 2 percent of Millennials reported self-employment, compared with 7.6 percent for Generation X and 8.3 percent for Baby Boomers. These differences largely reflect the youth of Millennials and the positive relationship between age and entrepreneurship among the relatively young. However, growth with age in the proportion of each generation reporting self-employment has been slower for Millennials than for prior generations. At age 30, less than 4 percent of Millennials reported self-employment in their primary job in the previous year, compared with 5.4 percent for Generation X and 6.7 percent for Baby Boomers. Trends among the age groups Millennials will join in future years suggest that entrepreneurship among Millennials will remain relatively low for decades.
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