The survey tapped on business owners from two generations:
- Generation Y (ranging in age from 18-29)
- Baby Boomers (ranging in age from 42-64)
Here are some highlights from the survey:
- More Generation Y owners say 'having fun is a priority in my business' (75% Generation Y vs. 66% Baby Boomers)
- Generation Y business owners are more likely to find it 'very difficult' to leave their work to go on vacation (39% vs. 26%)
- They are also more likely to put in the long hours - 10 or more hours a day (66% Generation Y vs. 58% Baby Boomers)
- Surprisingly, Boomers also report having more natural energy than their younger peers (60% vs. 50% Generation Y)
- Despite Generation Y's perceived greater ease with technology-- two-thirds (66%) of Generation Y entrepreneurs consider themselves tech savvy compared to less than half (47%) of Baby Boomers--both age groups agree that experience trumps tech savvy in terms of business success.
- Passion is the leading driver for both Generation Y and Baby Boomers in starting their businesses (55% Generation Y, 40% Baby Boomer)
BOTTOMLINE: Passion, rather than money, fuels the success and entrepreneurial drive of both generations, Generation Y and their parents' generation, the Baby Boomers.