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Thursday, May 03, 2007

Entrepreneurial Passion

The results from OPEN Ages survey from OPEN from American Express®, a new survey examining the attitudes of Baby Boomer and Generation Y business owners, is now available.

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.

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