GoDaddy calls them the bookends of the new entrepreneurism: millennials and baby boomers.

The website host company delved in to the world of the budding entrepreneur by collecting data from nearly 8,000 individuals worldwide. It asked if they are leaning towards starting their own business or going the self-employment route, and, if so, which areas appeal to them and what factors are driving their decision to jump into the self-employed/start-up waters.

Overall, 36 percent say they planned to do one or the other within the next decade. Half of millennials say they intend to satisfy the entrepreneurial itch, and almost a quarter of these young folks say the business they are currently running was started while they were in school.

“That makes them six times more likely to pursue entrepreneurship as a career than their baby boomer counterparts were in the 1960s and 1970s,” GoDaddy said in a release.

The boomers remain at the other end of the entrepreneurial spectrum: just 21 percent plan to go it on their own within the next 10 years. (Of course, most of them will be well beyond retirement age by then.)

Gen Xers are in the middle, with 38 percent reporting they will either start a business or be self-employed within a decade.

Driven by flexibility

When asked to rate the factors behind the decision, 41 percent of all respondents cite a more flexible schedule and life, far outpacing the next two factors: more money and no boss to worry about, both clocking in at 17 percent.

Among U.S. respondents, flexibility ranks even higher among those who have already made the choice to enter the gig/sharing economy. Seven of 10 selected flexibility as the main driver, with 3 in 10 ranking money as the top factor.

Other highlights of the survey include:

36 percent of professionals plan to either start a small business or be self-employed over the next 10 years.
Another 10 percent say they plan to start a business while working their current job.
13 percent of millennials say they were laid off because of new technologies, and 36 percent of millennials say the introduction of new technologies reduced their work hours.
7 percent of Baby Boomers say they were laid off because of new technologies, while 25 percent say the introduction of new technologies reduced their work hours.
40 percent of millennials cite Facebook founder Mark Zuckerberg as their role model for becoming entrepreneurs — topping their parents as role models for work by 10 percent. Overall, American respondents selected parents (39 percent) ahead of Zuckerberg (27 percent).
59 percent of current entrepreneurs say they would try again if their current venture fails. They say grit and determination (76 percent) are more important than having a great idea (53 percent).

The survey indicates that in the U.S. alone, some 80 million people plan to join the ranks of the self-employed or will found a business.

“We're entering a Golden Age for entrepreneurs across the world. The combination of accessible technology, cultural acceptance of startups, and the desire for more flexibility in our lives, is causing people to pursue their true career passions at a rate never seen before in history,” says GoDaddy CEO Blake Irving. “The sheer volume of emerging entrepreneurs speaks to a fundamental shift in our society toward ownership and controlling one's fate.”

Instant Insights /

1 in 3 people plan to become their own boss, survey says

More From HR Executive

Related Stories

Recommended For You