According to two recent surveys: America’s most prosperous business owners are self-made and the younger generation of entrepreneurs are the most socially responsible. The majority of self-made entrepreneurs across all ages expressed that their decision to establish their business is associated with the prospect of securing and gaining more control over their futures. What is evident about 'young' millionaires is that this cohort is more likely to donate to various charities and causes than the wealthy, older age groups. It is also interesting to observe that Generation X and Y wealthy entrepreneurs make more money quicker than their older counterparts.
Contemplating the future
The US Trust survey revealed that business ownership and entrepreneurial innovation in the U.S is alive and significantly fostering the American economy. 60% of the respondents said that they are in a position to create wealth by going into business on their own. It’s no surprise then that among those self-made entrepreneurs, many chose to do so in order to have more control over their futures. This fact comes to confirm the different approach that Americans have over securing their future prosperity against the British who, according to an HSBC study, tend not to save money in order to improve their retirement prospects.
Facts about young entrepreneurs
Young entrepreneurs in the U.S. are more prone to the spirit of entrepreneurship and they are more socially conscious. Another study about youth entrepreneurship in the U.S. showed that only 21% responded that they are not interested in entrepreneurship, while a significant 69% said that would like to work for an entrepreneur as this would be an exciting opportunity for them to work for someone with ground breaking and innovative ideas. Moreover, millionaire youngsters’ wealth enabled them to be more active contributors to their society. Fidelity’s survey revealed that Gen X and Y donate $54,000 a year to charities while baby boomers give a far less generous amount of $12,000. Also 82% of young business owners serve as volunteers or board members of a charity, while only 49% of baby boomers do so.
The figures show that despite today’s unfavorable economic conditions, the American dream is kept alive by the passion and determination of American citizens going into entrepreneurship to build themselves a secure future. Business ownership and entrepreneurial innovation revitalize the U.S. economy and the good news is that young entrepreneurs pave the way for a more promising and sustainable economic future.