Millennial entrepreneurs are at glass-half-full status when it comes to the future of the economy and their businesses, according to Bank of America’s Spring Small Business Owner Report.
Despite having their early careers shaped by the economic challenges of the Great Recession, small business owners ages 18-34 are considerably more positive than older entrepreneurs. Seventy percent of millennial entrepreneurs expect increased revenue, while only 54% of entrepreneurs 35- to 50-years-old say the same.
Younger business owners also show more optimism when it comes to hiring and their ability to handle unexpected challenges compared to their older counterparts. Seventy percent of millennial entrepreneurs say they manage stress well, while just over half of 35- to 50-year olds say the same.
Robb Hilson, the Small Business Executive at Bank of America, says millennials are also “eager to discover new opportunities to enhance their business, such as expanding their products and services, investing in new equipment or hiring more employees.”
Despite these differences in outlook, more than half of small business owners across all age groups say their personal health has improved from being an entrepreneur. Nearly half say they get between seven and eight hours of sleep a night, and over a third say they exercise more frequently as well.
The Bank of America report surveyed 1,000 small business owners across the United States with fewer than 100 employees.