Millennial entrepreneurs may be delusional, new study finds
With little or no regard for business planning and inflated growth ambitions, the under-35s display a worrying lack of common sense
Young entrepreneurs may be twice as ambitious as their older counterparts about the growth potential of their businesses, and four times as likely to hire staff, but this could mean they are delusional rather than talented.
The latest Albion Growth Report, an annual poll of Britain's small businesses, which is now in its third year, found that entrepreneurs aged 35 and under - the "Millennials" - were bullish on the growth prospects for their new ventures, with 14pc predicting "dramatic" expansion compared to just 8pc of 45 to 54-year-olds.
Bank managers and financiers don't see eye-to-eye with Millennials on growth and revenue forecasts either.
While a third of these young entrepreneurs have attempted to raise finance, compared to just 14pc of middle-aged business owners, they were five times more likely to have their applications rejected.
Millennials in the UK are becoming more like their American counterparts, looking to start new ventures - often in the tech space - from their bedrooms (AtW's comment: or a bedsit!!!
)
Proven entrepreneurs are likely to find it easier to raise finance than first-timers but the research from venture capital investor Albion Ventures, which polled 1,000 people from across the UK, found that Millennials were worryingly overconfident about their business prowess.
Source: Millennial entrepreneurs may be delusional, new study finds - Telegraph
With little or no regard for business planning and inflated growth ambitions, the under-35s display a worrying lack of common sense
Young entrepreneurs may be twice as ambitious as their older counterparts about the growth potential of their businesses, and four times as likely to hire staff, but this could mean they are delusional rather than talented.
The latest Albion Growth Report, an annual poll of Britain's small businesses, which is now in its third year, found that entrepreneurs aged 35 and under - the "Millennials" - were bullish on the growth prospects for their new ventures, with 14pc predicting "dramatic" expansion compared to just 8pc of 45 to 54-year-olds.
Bank managers and financiers don't see eye-to-eye with Millennials on growth and revenue forecasts either.
While a third of these young entrepreneurs have attempted to raise finance, compared to just 14pc of middle-aged business owners, they were five times more likely to have their applications rejected.
Millennials in the UK are becoming more like their American counterparts, looking to start new ventures - often in the tech space - from their bedrooms (AtW's comment: or a bedsit!!!
)Proven entrepreneurs are likely to find it easier to raise finance than first-timers but the research from venture capital investor Albion Ventures, which polled 1,000 people from across the UK, found that Millennials were worryingly overconfident about their business prowess.
Source: Millennial entrepreneurs may be delusional, new study finds - Telegraph
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