Will Millennials Pick Up The Small Business Torch?

May 9, 2018
This generation is expected to make up as much as 75% of the workforce by 2025.

The U.S. Small Business Administration reports that small businesses account for 48% of national employment in the United States. This represent 99.7% of all businesses in the country. Small business owners are the stewards of an enormous segment of the American economy. However, a number of older small business owners are retiring, and Millennials are not filling the small business gap; at least, not yet.

Millennials are people born between 1982 and 2000, and they are the largest generation America has ever seen. In fact, there are over 83 million Millennials in the United States. Furthermore, this generation is expected to make up as much as 75% of the workforce by 2025. Like Generation X before them, and Baby Boomers before that generation, Millennials, aka Generation Y, are dramatically altering the American way of life, including in the business arena. However, they have yet to pick up the torch as small business owners.

Why is this? Simply put, Millennials are just less entrepreneurial than the generations preceding them. The ranks of young business owners are not growing as expected. Millennials are also more aware of the economic pressures that are reshaping how business is and will be done in the future.

And, of course, many Millennials were raised with the Big Box mentality. Mom and pop stores might be rather foreign to some. It has been proven that Big Box giants, such as Walmart, kill off local small businesses. And then there’s Amazon. The mega online retailer has drastically changed the American retail landscape.

Perhaps we will one day see a resurgence in mom and pop small businesses. However, it will be up to Millennials to lead the charge, as the average age of the small business owner today is over 50 and many are looking toward retirement, and Generation X, people born between 1964 and 1979, are approximately half the number of people that are considered to be Baby Boomers and less than half the number of Millennials.

The NALA Blog

Blog Archives

Contact Us

Thank you for contacting us! We will get back to you as soon as possible.

We are located

During this unprecedented time, STARSTIX, THE NALA and STARKART are here to support your business. We are fully operational and available to continue conversations about your Campaign needs.
As a reminder:

  • We partner with thousands of grocery stores throughout the US and right in your neighborhood. These stores are NOT CLOSING and in fact are seeing unprecedented numbers of shoppers.

  • When this trying time is over, your Campaign will be in place to remind everyone who you are and why they should do business with you. Everyone will need to rebuild!

  • Our RDM Program will allow you to be Discoverable online as more people turn to digital options as a way of doing business.

We are here to help in any way we can. Be safe, be diligent and above all be healthy!
CUSTOMER SERVICE: (866) 767-3238

"British Columbia", "ON" => "Ontario", "NL" => "Newfoundland and Labrador", "NS" => "Nova Scotia", "PE" => "Prince Edward Island", "NB" => "New Brunswick", "QC" => "Quebec", "MB" => "Manitoba", "SK" => "Saskatchewan", "AB" => "Alberta", "NT" => "Northwest Territories", "NU" => "Nunavut", "YT" => "Yukon Territory" ); $state_list_usa = array( 'AL'=>"Alabama", 'AK'=>"Alaska", 'AZ'=>"Arizona", 'AR'=>"Arkansas", 'CA'=>"California", 'CO'=>"Colorado", 'CT'=>"Connecticut", 'DE'=>"Delaware", 'DC'=>"District Of Columbia", 'FL'=>"Florida", 'GA'=>"Georgia", 'HI'=>"Hawaii", 'ID'=>"Idaho", 'IL'=>"Illinois", 'IN'=>"Indiana", 'IA'=>"Iowa", 'KS'=>"Kansas", 'KY'=>"Kentucky", 'LA'=>"Louisiana", 'ME'=>"Maine", 'MD'=>"Maryland", 'MA'=>"Massachusetts", 'MI'=>"Michigan", 'MN'=>"Minnesota", 'MS'=>"Mississippi", 'MO'=>"Missouri", 'MT'=>"Montana", 'NE'=>"Nebraska", 'NV'=>"Nevada", 'NH'=>"New Hampshire", 'NJ'=>"New Jersey", 'NM'=>"New Mexico", 'NY'=>"New York", 'NC'=>"North Carolina", 'ND'=>"North Dakota", 'OH'=>"Ohio", 'OK'=>"Oklahoma", 'OR'=>"Oregon", 'PA'=>"Pennsylvania", 'RI'=>"Rhode Island", 'SC'=>"South Carolina", 'SD'=>"South Dakota", 'TN'=>"Tennessee", 'TX'=>"Texas", 'UT'=>"Utah", 'VT'=>"Vermont", 'VA'=>"Virginia", 'WA'=>"Washington", 'WV'=>"West Virginia", 'WI'=>"Wisconsin", 'WY'=>"Wyoming" ); ?>

Thank you for your interest in the
NALA's Reputation & Directory Management platform

Not Sure? Try Us For Free!
Start My Free 14-Day Trial