RALEIGH, N.C., Oct. 19, 2015 (GLOBE NEWSWIRE) -- Making more money is not always the reason people start a business, according to the 2015 First Citizens Bank Small Business Forecast. While baby boomers surveyed said they started their business to generate additional income, younger millennial entrepreneurs say chasing a dream and taking control of their careers fuels their ambition. Interestingly, Generation X respondents felt the most strongly that they could do a better job owning a business than working for someone else.
Regardless of age, the study uncovered a thriving and growing entrepreneurial spirit present among U.S. small business owners. The entrepreneurial spirit is particularly high among female and millennial demographic groups. More than 40 percent of female respondents said starting their own business gave them an opportunity to realize a dream.
“Small businesses are a driving force in our economy and some of our most beloved and respected brands were started with just the spark of an idea,” said Shan Teel, group vice president and manager of Business Services at First Citizens Bank. “Entrepreneurs are challenging themselves and chasing their dreams, and their success is inspiring. Understanding their needs and providing small business owners with the proper tools and resources is critical to their success.”
The 2015 First Citizens Bank Small Business Forecast also found:
- Optimism surrounding the future of business success and the U.S. economy is high. Millennial small business owners (80 percent) in particular were the most optimistic.
- The majority of small business owners have found the journey to start their business pleasant and are happy about the decision they made.
- Benefits of starting a business such as having more flexibility and work-life balance were also mentioned as top contributors to starting a business beyond financial payoff.
- Only a fifth of small business owners think the presidential election is a top-three factor affecting the growth of their business in the next one to two years.
The outlook on future growth is also high. Of all small business owners surveyed, 73 percent planned to grow their business in the next six to 12 months and planned on doing so by adding new products or services, increasing their advertising or marketing spend and upgrading current facilities or equipment.
For additional information on how to get your business idea off the ground, visit firstcitizens.com/business.
About the Study
The 2015 First Citizens Bank Small Business Forecast was conducted among 250 small businesses in North Carolina, South Carolina, Florida and California through SurveyMonkey and ResearchNow via an online poll in September 2015. Generational demographics were adopted from the Pew Research Center, which identifies the millennial generation as people who were born between 1981 and 1997, namely adults who are 18 to 34 years old in 2015. Generation X are people who were born between 1965 and 1980, namely adults who are 35 to 50 years old in 2015. The baby boomer generation includes people who were born between 1946 and 1964 and are 51 to 69 years old in 2015.
About First Citizens Bank
Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank is the largest family-controlled bank in the U.S., with offices in 18 states. Drawing from over a century of experience serving the needs of business customers, First Citizens focuses on developing long-term relationships and offers a comprehensive array of products and services to help small businesses manage their finances and grow. First Citizens Bank is a major subsidiary of First Citizens BancShares Inc. (Nasdaq:FCNCA), which has over $30 billion in assets. For more information, call toll free 1.866.FCB 4BIZ (1.866.322.4249) or visit firstcitizens.com/business. First Citizens Bank. Forever First®.