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BizReport : Research archives : February 12, 2016

Study: Black Millennials betting on themselves

Several studies have shown that Millennials, as a whole, approach work differently than Gen X or Y or even Boomers. But, one new study takes this one step further: according to researchers African-American Millennials want to work for themselves.

by Kristina Knight

Researchers surveyed nearly 5,000 African-American Millennials and found most are looking for funding to start some kind of business. Social Media/Marketing businesses lead the way while residential construction followed close behind. Also in the top 5 are Food Services, Landscaping Architecture and Tourism/Travel.

"Black millennials continue to take American industries by storm," says the Chief Communications Officer of Merchant Cash USA Darrin Landau. "Today, many millennials are leaving their 9-5 jobs and starting their own companies, which is what the American dream is all about. We at Merchant Cash USA want to help them get on their feet and start successful ventures."

What's more, if they can't find traditional financing for their ventures, these Millennials say they would look into alternative financing. Here's how that breaks down:

• 82% say they would look into alternative financing to start a social media/marketing company
• 76% would look at alternative financing for residential/construction
• 70% would look into alternative financing for food services
• 69% would look into alternative financing for landscaping architecture

As for where these Millennials are most interested in working, Atlanta led the way along with Washington DC and Houston. New Orleans and New York City were also in the top five.

Tags: Merchant Cash, Millennial small business, SMB, SMB tips, SMB trends

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