There has been a substantial decrease in businesses owned by those age 30 and under in California and throughout the United States. In fact, data suggests that such business formations are lower now than they have been in the past 25 years. A spokesperson for the Economic Innovation Group recently testified before the U.S. Senate, saying that those who reached adulthood by the year 2000 are projected to be least entrepreneurial generation in the nation’s recent history.
One magazine seems to contradict such ideas, claiming that at least 60 percent of the young adult generation considers themselves entrepreneurs. Some say, however, that the younger generation sees entrepreneurship as a mindset, while older generations are doing far more active work. A think tank group focused on business-building and education said that the average start-up age for successful business owners is 40, not 20.
In fact, some have said that today’s successful businesses are not being launched by 20-somethings wearing hoodies and riding hover-boards. Rather, the parents of those young adults appear to be the ones building businesses. Some say the younger adults are less likely to take risks, and they have accrued serious financial debts that pose as obstacles to any business plans they might have.
Many complications can arise during business formations that affect prospective business owners of all ages. If not addressed in a swift and economically feasible fashion, such circumstances can lead to start-up delays or indefinite impediments that keep entrepreneurs from realizing their dreams. In California, there are experienced business attorneys who can help struggling business owners achieve their immediate and long-term goals.
Source: theatlantic.com, “The Myth of the Millennial Entrepreneur“, Derek Thompson, Accessed on July 6, 2016
