The stability of the economy depends on entrepreneurs, the creation of new jobs and fresh ideas from those in the workforce. With the opportunity for industry growth, there are different attitudes towards risk across generations of entrepreneurs.
A recent study, conducted by Global Monster Insights, surveyed 2,828 nationwide entrepreneurs across three different generations - Gen Y (ages 18-29), Gen X (ages 30-49) and Boomers (ages 50-69). The survey asked them to share insights on their entrepreneurial spirit and how their attitudes toward risk may affect the future choices they make in their career.
The results showed that older generations, Gen X and Boomers, consider themselves more entrepreneurial in nature and say they are more willing to take risks at work than younger generations.
The majority of those older generations are actively applying these risk-taking attitudes towards their current career. In fact, 42% said they have the opportunity to turn ideas into profits at their company, while only 23% said that they feel their company actually encourages them to do so.
The youngest generation, Gen Y, is less willing to take entrepreneurial risks, when they see their jobs as temporary. It doesn’t mean younger generations aren’t likely to create new businesses, it simply demonstrates they are unaware of the risks involved because the hurdles of starting a new business are easier to conquer.
- Gen Y said they're more likely to “jump ship” until they find a perfect career path
- 55% said their current job is only a step in their career path
- 26% said that they would stay at a job for a long time
Entrepreneurs have access to tools such as, alternative funding strategies, scalable technology, and social media. These tools have helped reduce certain risks; making starting a business more accessible. As an entrepreneur, it's essential to learn what risks your business may face and gain the proper insurance coverage to protect it when inevitable errors or uncontrollable outcomes occur.
At Axis Insurance Services, we specialize custom professional liability coverage and we can review your current policy for any coverage gaps. We can help ensure your business is properly protected.
Contact us at 201-847-9175 or email us at info@axisins.com.