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The Next Generation Of Business Owners

For some people, the dream to run their own business starts early. Others find their way to entrepreneurship after an unsatisfactory stint as an employee. Whatever drives them there, new business owners are often hopeful and enthusiastic about the prospects of their new ventures. 

Optimism is one of the leading traits associated with people identified as Millennials or members of Generation-Z. A recent study has identified these groups as showing a particular desire to start and run their own businesses. Social media has helped hone the brand awareness of this group, and they are eager to forge their own paths in running businesses that better align with their worldview.

Optimism Bolstered By Preparation

Roughly half of the U.S. Gross Domestic Product (GDP) is generated by small businesses. The study, conducted by the UPS Store, found that around two-thirds of respondents had a desire to open their own business at some point. The sheer size of America's entrepreneur culture is surprising and is driven by the belief that we can do things better than they are currently being done.

That optimism is a positive trait, though it is not enough to ensure success. Business formation, planning and operation require careful preparation to maximize the potential of a new venture. All entrepreneurs have areas where they need assistance. Typically, a new business owner needs the help of an attorney and an accounting/tax specialist to avoid mistakes that can derail even the best ideas.

Business ownership can be incredibly rewarding. It is often the best avenue for someone looking for a career that is about more than just making a living. The next generation of business owners will thrive, if they bring the right mix of optimism, ingenuity, perseverance and knowledge to their ventures.

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