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BizReport : Advertising : August 30, 2017

Survey: Men, boomers most likely to run SMBs

This will likely come as no surprise, but according to new Manta data the majority of small business owners are men, and are most likely to be from the Boomer generation. But, female Millennials are beginning to close the gap.

by Kristina Knight

While women haven't been the leaders in small business through the years, Millennial women are breaking with that tradition. Manta's recent survey found that about 43% of Millennial small business owners are female; that is more than Gen X (37% female) and Boomers (35% female).

The likely reason for men leading in SMB ownership, thus far, is money. Men surveyed reported less college/student loan debt, and as both genders reported funding their business through personal savings, it stands to reason that, with men having less debt they would also have more in savings.

Even with the student debt ratio, why are women going in to business for themselves? Because of the passion they have for their product.

"As entrepreneurs who identify as millennial and female, the response from our community has been extremely encouraging," said Cortney Sims, co-founder of Coco and Ilia, a fashion brand. "The experience has been incredible, emotional, stressful, yet educational on multiple levels. We wouldn't trade our journey thus far for the world. Having the ability and opportunity to start and own our own business at such a young age is surreal in the best way possible."

Men, conversely, largely go into business for themselves to be their own boss.

Results from the full study can be found here.

Tags: female SMB ownership, Manta, small business trends, SMB ownership trends

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