Post Recession Business and the Generational Divide - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Post Recession Business and the Generational Divide

Post Recession Business and the Generational Divide

Post Recession Business and the Generational Divide
August
9

There’s no better way to test your mettle than owning a business during a recession, according to an American Express study. Regardless of the age of business owners, most agree that weathering this economic storm actually had a positive outcome – they are better business owners and entrepreneurs (81% Gen Y and 80% Baby Boomers).

The two generations of business owners are also more in line these days when it comes to risk taking.

But this wasn’t always the case. Before the recession 72% of Gen Y entrepreneurs (age-24-35) said they liked taking risks. That number has gone way down to 56%.

Some may have expected Baby Boomer business owners (age 48-70) to put on the brakes too. But they didn’t. In fact they held the line with 54% willing to take risks, up 1% from pre-recession 2007, according to the American Express OPEN Ages Survey data.

Experience Sustains Baby Boomers

Part of this may be due to the fact that Baby Boomers aren’t strangers to bad economic times, having weathered several in the past, so they were more prepared for this last financial storm.

They are also a little more laid back and have lower expectations – only 47% say that growing their business is their main priority compared with 66% of Gen Y entrepreneurs. Baby Boomers also drink less caffeine, work about an hour less than their younger counterparts, and fun is a top priority.

Yet while Baby Boomers may have experience in their corner, doing something they are passionate about is actually the number one reason why Gen Y entrepreneurs started their businesses in the first place. Baby Boomers typically started their businesses because they wanted to work for themselves or make money.

The Social Media Divide

It’s not surprising that Gen Y and Baby Boomers see and use social media very differently. As expected Gen Y entrepreneurs are using technology and social media as a big part of their marketing strategy, which includes blogging, building social media networks and selling their services and wares online.

Baby Boomers are using social media, but just not as much (81% vs. 61%), with four out of ten spending more time developing real world business relationships rather than virtual ones. 

When asked where the enthusiasm for their business comes from they had very different answers. Gen Y pointed to passion as being the top factor, while Baby Boomer were more invested in independence.

The American Express OPEN Ages Survey interviewed 600 Gen Y and Baby Boomers who either own a small business or manage a company with less than 100 employees.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Let The Good Times Roll For Small Business Owners
Let The Good Times Roll For Small Business Owners

Posted: October 28, 2014

Small business owners are feeling bullish about the economy and the future of their businesses, with their optimism reaching pre-recession levels, according to a new study. Continue reading
Middle Market Companies Grow the Economy
Middle Market Companies Grow the Economy

Posted: April 16, 2015

Middle market companies are driving job growth with more than 50 million people on their payrolls and $6.2 trillion getting pumped into the economy from them, according to a new report by American Express and Dun & Bradstreet. Continue reading
American Express Helping Middle Market Companies Grow
American Express Helping Middle Market Companies Grow

Posted: May 27, 2015

American Express has announced the rollout of American Express Grow Global, an initiative designed to help mid-sized companies move into exporting by giving them information on the ins and outs of getting started and connecting them with... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.49% - 25.49% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!