NORTHAMPTON, MA / ACCESSWIRE / April 9, 2024 / go daddy
Originally published by GoDaddy’s Venture Forward Research Initiative
important fact
The age of small business owners in the US is more skewed than in the UK. In the US, 63% of small business entrepreneurs are Generation X (40-54 years old) or baby boomers (55 years and older); In the UK, 49% of Millennials (aged 25-39) hold leadership roles.
Older generations earn more in the US
One in six small business owners of all generations earns more than $100,000 or $180,000, but the age breakdown differs between the US and the UK.
In the United States, older small business owners earn more, whereas in the United Kingdom, income is more evenly distributed between age groups. In the US, 60% of Gen reported income.
Entrepreneurs in the US and UK
Which generation has the most entrepreneurs?
we: 41% Gen X (40 – 54)
- 33% Millennials (25-39 years old)
- 22% baby boomers (age 55 and older)
- 3% Gen Z (18-24)
England: 45% Millennials (25 – 39)
- 37% Gen X (40-54 years old)
- 12% baby boomers (age 55 and older)
- 6% Gen Z (18-24 years old)
Breakdown of people earning more than $100,000 or £180,000
we: 62% baby boomers (Ages 55 and over)
- 60% Gen X (40-54 years old)
- 56% Gen Z (18-24)
England: 26% Gen Z (18 – 24)
- 25% Gen X (40-54 years old)
- 25% baby boomers (age 55 and older)
Source: GoDaddy Venture Forward US and UK national surveys. August 2023 (NU.S. = 3.525 // NU.K. = 2.651)
More money makes you more optimistic
Despite being the highest earners, U.S. baby boomers report being less optimistic about their overall expectations for their business over the next six months, compared to 77 of Gen Z respondents. %, only 65% ​​have a positive outlook.
Additionally, entrepreneurs who earn significantly more revenue, especially those making more than $600,000 or £500,000, report higher levels of stress, anxiety, and burnout.
Younger generations may be more entrepreneurial
Not only are Gen Z the most optimistic group of small business owners in the United States, they may also be the most entrepreneurial. According to data from Venture Forward, 37% of Gen Zers in the US have always dreamed of starting their own business, compared to 22% of Gen Xers and 15% of baby boomers. A recent survey revealed that 50% of Gen Z want to become an entrepreneur.
Additionally, in the U.S., 75% of Gen Zers want microbusinesses to be their primary source of income, compared to 58% of baby boomers who often start a side hustle or continue it as a hobby after retirement. .
research
GoDaddy’s Venture Forward research initiative analyzes more than 20 million online businesses with a digital presence (measured by unique domains and active websites). Most of these businesses have fewer than 10 employees and each is classified as a microenterprise. These micro-enterprises may be small in size, but their impact on the economy is outsized, even though they are often too informal or new to appear in traditional government statistics.
Since 2018, Venture Forward has surveyed more than 36,000 small business owners with a digital presence, making it a source of small business data and insights.
Check out more multimedia and other ESG storytelling from GoDaddy at 3blmedia.com.
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