Older entrepreneurs relied on experience to weather the storm and find a better life balance, while passion fuels perseverance for Gen Y entrepreneurs according to American Express OPEN Ages Survey.
The online research was conducted in the USA among a nationally representative sample of 600 small business owners/managers of companies with fewer than 100 employees. The sample was split evenly between Generation Y small business owners (ranging in age from 24-35) and Baby Boomer small business owners (ranging in age from 48-70).
Reading the results available in the full release here, there doesn’t seem to have been much change in Boomers behaviour compared with the younger entrepreneurs. Not surprising given that this was not the first experience of economic downturn for many of the older players.