Research from an insurer has found that small business owners between the ages of 18-34 are working longer hours and taking less leave than any other age demographic.
The
NRMA Insurance Business Owner Sentiment Study (BOSS) surveyed 1,500 small business owners and found that millennials and Gen Y are more than pulling their weight.
Search and compare insurance product listings for Small Businesses from specialty market providers here
Younger business owners were also the most ambitious and driven demographic and were more likely to say they started a business to follow their passion, according to the study.
“We know millennials are like no generation before them, seeking job environments that offer flexibility, autonomy and a sense of purpose, as well as the creative freedom to grow and move around,” said Amanda Whiting, executive general manager of small business for NRMA Business Insurance.
“While this often wrongly lands millennials the reputation as fickle or entitled, it is these qualities, coupled with Gen Ys and millennials being the most ambitious and tech-savvy generations, which makes younger people well-suited to running their own business.”
The research found that 27% of small business owners aged between 18 and 34 are working more than 50 hours each week, compared to 24% aged 55 and over.
Seventy percent are taking less than two weeks annual leave compared with 49% aged over 55, and 43% said that they want to dominate their chosen industry compared with just 21% of older demographics.
The survey also asked what aspects of owning a small business are the most stressful, presenting brokers with an opportunity to place themselves closer to a key customer group.
Gen Y small business owners said that managing cash flow was the most stressful aspect with 41% highlighting cash worries compared with 33% on a national average. Financial responsibilities also weigh heavier on younger minds, with 29% noting this as a stressful area compared with 23% on average nationally.
Younger small business owners are also more likely to want help and advice on a range of business functions.
Sixty percent noted that they would take help on finance, compared with 45% nationally, 40% named marketing and 20% noted legal responsibilities compared with a national average of 36% and 16% respectively.
“Our advice to small business owners, both young and old, is to build a network of trusted experts who you can lean-on when you need practical professional advice and support,” Whiting continued.
Related stories:
NRMA Business Insurance unveils new partnership
NRMA, SES announce flood mitigation trial
.jpg)
