A fresh wave of innovation and optimism is reshaping the American economy, as revealed by a new survey commissioned by Herbalife and conducted by Talker Research. The 2024 Entrepreneurial Index reveals that one-third of Americans view themselves as entrepreneurs. The survey shows that 36% of Gen Z and 39% of millennials identify as entrepreneurs, compared to 29% of Gen X respondents and just 25% of baby boomers. Simply put, younger generations are embracing the entrepreneurial spirit.
The study surveyed 10,000 people across 12 countries, including 2,000 in the U.S.
Defining entrepreneurship
What, exactly, is an entrepreneur? Survey respondents had a variety of definitions: Someone who has drive and determination to put their business ideas into action. Someone willing to lay it all on the line for their dream. But mostly, it’s someone who owns a business, has a side hustle or wants those things in the future.
Cautious optimism prevails
The survey also examined global attitudes toward entrepreneurship, revealing some surprising results.
Younger generations are more positive: 69% of Gen Z and 63% of millennials surveyed were optimistic about entrepreneurial endeavors, whether for themselves or in general.
That’s compared to 50% of Gen X respondents and only 35% of baby boomers who reported being confident.
But this optimism doesn’t mean people aren’t worried about the current state of the economy. In fact, 59% of respondents are currently worried, and that was consistent across generations. And for those not interested in starting a small business or side hustle this year, concerns about the state of the economy were cited as the top reason why.
Side hustles and small businesses are common
That said, despite these worries, younger generations are still working toward their goals. Not only were younger respondents more positive about entrepreneurial pursuits, but they were also more likely to have a small business or an active side hustle. Four in 10 Gen Z and 41% of millennials have one or the other, compared to 31% of Gen X and 19% of baby boomers surveyed.
“Younger generations are embracing side hustles and starting small businesses due to a number of motivating factors including economic uncertainty, a desire for flexibility and a greater interest in pursuing a passion or hobby,” said Frank Lamberti, chief commercial officer for Herbalife. “Network marketing, in particular, can help meet these needs and offer low start-up costs, reducing the stress and anxiety that can be associated with starting a business.”
The impact of the Great Resignation
So, where are all these young entrepreneurs coming from? The Great Resignation, which saw 80 million Americans leave their jobs between 2020 and 2023, provides some insight. According to the World Economic Forum these individuals weren’t quitting to relax on a beach or read a good book; they were seeking greater control over their lives amid widespread uncertainty. Many turned to starting their own businesses or launching side hustles, with a record 5.5 million new ventures emerging in 2022 alone.
All of it points to a sense of cautious optimism among the current and budding entrepreneurs out there. Continuing to make money, no matter what the economy does, is the name of the game.
If you’re considering becoming an entrepreneur or looking to boost your side hustle, visit Herbalife for more information. – (BPT)
