Gen Y and Millennial small business owners are the hardest working and most ambitious in the country, new research has found.
The NRMA Business Insurance Business Owner Sentiment Study (BOSS) surveyed 1500 small business owners and also revealed some particularly interesting results for the hospitality sector in particular.
People problems and long hours are causing business owners in the hospitality sector the most stress, with 26% working more than 60 hours a week – compared with 11% on average.
51% admitted to taking less than one week off a year (compared with 33% for the wider BOSS) and 63% said that they had missed an important event with family and friends in the last three months because of work.
A majority (54%) of small business owners in hospitality also said that running their business has put a strain on their relationships with family and friends.
From the 1500 small business owners surveyed, it was found that those aged 18-34 are working longer hours and taking less leave than any other age demographic, and were also more likely to say they started a business to follow their passion.
More than a quarter (27%) of small business owners aged 18-34 are working more than 50 hours each week, compared to 24% of small business owners aged 55 and over.
“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.
“It is particularly interesting to see that while Millennial small business owners might be working longer hours and taking less holiday than their corporate counterparts, the sense of purpose and achievement which comes with being your own boss outweighs the hard yards.”
So don’t go writing off Millennials and Gen Y just yet.