BizSugar.com › Startups › Millennials Not Replacing Older Business Owners, Stats Say

As older entrepreneurs retire, the hope would be that younger generations would step up to replace them. But that doesn’t seem to be the case, as some recent reports have indicated that millennials in particular are starting businesses at lower rates than previous generations.
According to Federal Reserve data, the share of people under 30 who own a business has fallen by 65 percent since the 1980s. And that figure is now at a quarter century low.
Those figures seem to go against the popular notion that millennials are inherently entrepreneurial. In fact, reports have found that 60 percent of millennials consider themselves to be entrepreneurial. But setting up an Etsy shop or driving for Uber on the weekend isn’t exactly helping communities fill up the storefronts in their business districts.