Entrepreneurship is cooler than ever. At least that’s how millennials and Generation Z feel about it.
The latest reading of an ongoing survey by Comparably shows that people aged 18 to 35 are most keen on starting a business, preferably in the next five years (40%). The rate declined from there, hitting a low of 22% among workers 51 to 55. More than 10,000 people across the tech industry participated in the study.
But perhaps even more interesting is the breakdown by city. The survey showed that 39% of respondents in Los Angeles want to start a business in the next five years, the highest rate of the group. New York was close behind at 38%, followed next by Dallas (36%), San Francisco (35%), and Houston (35%).
The city with the smallest percentage of workers who want to start a business in the next five years was Minneapolis, at 24%. San Diego and Chicago also showed lower rates, at 26%.
The reality is that even if people want to start a business, it’s not something many take on — especially not millennials. Data from the Kauffman Center shows that the average age for most entrepreneurs is closer to 40 than 20.
Other factoids from Comparably’s study include the following:
African-Americans have more desire to start a business in the next five years than any other ethnic group (46%). Caucasians have the lowest (27%).
People in executive roles, design, and business development have the highest percentage of wanting to start a business. People in legal, HR, IT and operations have the lowest.
People with their Master’s or Doctorate degree are most eager to start a business in the next five years. People with their Bachelor’s or Associate’s are least eager to start a business in the next five years.
The results of the survey are as of Aug. 16, 2018.
