The share of people under age 30 who own private businesses has reached a 24-year-low, according to new data, underscoring financial challenges and a low tolerance for risk among young Americans.
Roughly 3.6% of households headed by adults younger than 30 owned stakes in private companies, according to an analysis by The Wall Street Journal of recently released Federal Reserve data from 2013. That compares with 10.6% in 1989—when the central bank began collecting standard data on Americans’ incomes and net worth—and 6.1% in 2010.
But, there is an energy in communities like Nashville – and by proxy, much of Middle Tennessee – that supports an entrepreneurial spirit. Entrepreneurs from the music industry, maker communities, and the technology sector are front and center in many Nashville publications. Yet, we could be doing more to support these young entrepreneurs as they start, grow, and manage their new ventures.
The U.S. Small Business Administration has developed a series of tools designed just for this group of young entrepreneurs. The following section of their website many resources specifically geared toward Millennial entrepreneurs. It’s worth a read, and can help users learn how to start out as a young entrepreneur.
Visit our resource section for more information on the SBA’s Young Entrepreneur Guide.