In the battle of the generations, entrepreneur style, who would win–Boomers or Gen-Yers?
According to a recent study by OPEN from American Express , it’d be a close tie.
Believe it or not, both generations actually agreed on several key issues. For example, both agree the economy is strong and opening their business was a good idea.
“It’s good news for the economy when both the established generation and the generation representing the future of small business are optimistic about economic growth and their own success,” says Susan Sobbott, president of OPEN from American Express.
But there are also several instances that didn’t bridge the generation gap. About 75 percent of Gen-Yers, ranging in age from 18 to 29 years old, say that ‘having fun is a priority in my business’ compared to about 66 percent of Boomers, in the age group of 42 to 64 years old.
Passion was the driving force for 55 percent of Gen-Y business owners when they started their business, compared to only 40 percent of Boomers.
One of the largest areas the generations couldn’t agree on is risk-taking. About 72 percent of Gen-Y entrepreneurs say they like to take risks, though only 53 percent of Boomers could say the same.
Photo by Mattel.
deep on May 3rd, 2007 at 10:25 am
Gen-Yers is future
Mike @ PartnerUp on May 3rd, 2007 at 11:36 am
Great Post!
One interesting thought: I think that as you see more and more baby boomers approaching retirement, we’ll see an increase in their entrepreneurial activity. I’ve seen study after study that suggests that there is a huge percentage of baby boomers who dream of semi-retiring by starting their own company (or getting involved in other companies as a business partner, advisor, etc.).
It will be interesting to see how many actually follow that dream that the studies have been suggesting exists.
Jack on May 4th, 2007 at 12:31 am
I’m in both camps. I am Gen Y (just) and I don’t agree with them on the taking risks aspect. But the passion and the fun definetly! I think without those two elements, you cannot run a successful business.
J Wynia on May 7th, 2007 at 10:24 am
Heh. And they wonder why Gen X feels alienated and directionless. What are we, chopped liver?