Millennials and small business go well together, study says

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This entrepreneurial yearning isn’t idle dreaming. Even though they’re younger, Millennials are already more likely to have started a business than Baby Boomers (born between 1946 and mid-60s) or Gen Xers (mid-60s to 1980). They’re in a hurry, wanting to start businesses soon. But they know they need help.

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? Almost half of Millennials (49%) want to start their own business in the next three years. Over half (54%) would quit their job and start a business in the next six months with the right resources.

? Contrary to stereotypes, Millennials are pretty down-to-earth in their outlook. They’re more likely to want to start a business to make money (specifically, "lots of money" as the study worded it), rather than to have fun, than other generations — the breakdown being 66% for Millennials, 62% for Gen Xers and 53% for Boomers. Half feel that financial stability is a must before launching out on their own.

? Business plans are still relevant. Forty-four percent of Millennials (versus only 18% of Boomers and Gen Xers each) have written a business plan or overview for starting their own business and just over half (51%) say business plan development is the number one type of help they want (beating out tax and regulation issues).

? Nearly a third of Millennials have already started some kind of business (30% versus 19% for Boomers and 22% of Gen Xers), 38% have been part of a startup, and a full quarter (26%) have lived entirely off the income of a small business.

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