Millennials are smitten with entrepreneurship.
About 50% of millennials aged 26 to 35 say they plan to start their own company in the next five years, according to the latest reading of an ongoing query by Comparably. Of course most of them won’t: young people (20-34) have the lowest rate of starting a business, according to the 2015 Kauffman Index.
The desire to start a new business dropped off after age 35, falling to a low of 27% among 51 to 55 year olds.
By department
People who work in business development were most likely to say they plan to start their own business in the next five years (61%), followed next by design (57%) and product (54%). Workers in legal were the least likely to foresee starting their own business: only 13% of them said they would.
By gender
Forty-nine percent of male respondents said they are planning to start their own business in the next five years. Thirty-three percent of female respondents said the same.
Drilling down further, men in business development, design, and product showed the highest rates of wanting to start their own company. Women in sales also showed above-average rates.
By ethnicity
African-Americans were most likely to say they are planning to start their own business (66%), followed next by Hispanics and Latinos (56%), then Asians and Pacific Islanders (52%). Caucasians were the least likely to say the same (41%).
By city
Phoenix had the highest concentration of people wanting to start their own business (55%), followed by Los Angeles (52%) and San Francisco (50%).
Workers in Salt Lake City had the lowest, with only 24% of people saying they wanted to start their own business.
The figures referenced are as of June 9 and include the responses of more than 500 workers in the technology industry.
