Millennial Small Business Owners Most Optimistic
According to Capital One’s second quarter Spark Business Barometer, a quarterly survey measuring the economic perceptions and financial conditions of small business owners, millennial small business owners are feeling the most positive about running and growing their business in today’s economy.
The nationwide survey revealed that overall small business sentiment is up – with 39% of all small business owners reporting a better financial position today compared to one year ago. That positive perspective was particularly true for millennials (18-33-year-olds) who were the most optimistic group surveyed when asked about their sales volume, economic outlook and plans for growth. In fact, nearly two-thirds (62%) of millennial small business owners reported increased sales in the past six months, compared to 41% of small businesses overall and 45% of millennial small business owners plan to hire in the next six months (versus 30% of all small business owners). The survey also found that more millennials support legislation, like minimum wage increases, that could improve their workforce’s financial position.
The second quarter Spark Business Barometer’s key findings are summarized below:
“Small businesses have a tremendous impact on our local and national economies, with two out of three new jobs being created by small businesses, and the countless product and service innovations they bring to the marketplace,” said Keri Gohman, head of small business banking at Capital One. “Owning a small business isn’t always easy, but it can be incredibly rewarding, and we’re committed to understanding and helping address the unique needs and challenges today’s business owners face. Whether it’s through business intelligence and insights, digital tools and resources, improved access to capital, or industry leading rewards programs, we’re focused on enabling and empowering both aspiring and established businesses – and helping them achieve their goals.”