Alexandra Levits Water Cooler Wisdom Whos Better at Business The Answer May Surprise You

Alexandra Levit's Water Cooler Wisdom Who's Better at Business The Answer May Surprise You Entrepreneurs under the age of 30 are seeing more growth in their businesses than any other age group, according to the fifth annual DNA of an Entrepreneur report by Hiscox, a global specialist insurer serving the small-business community. These small-business owners, members of Generation Y, were also most likely to report growth in their businesses over the past year (77 percent) and are optimistic about the year ahead (65 percent). In contrast, more than half (60 percent) of entrepreneurs age 60 and up reported negative revenue growth, or no revenue growth at all, over the past year and 40 percent werent optimistic about the year ahead. The differences seen in the study between the two age ranges are significant. But what’s behind them? Entrepreneurship is a difficult road fraught with emotional and financial challenges, so what’s in Gen Y’s blood that makes members of this generation more likely to succeed? Bullishness Toward Innovation Younger small-business owners are driving innovation in their respective fields, with 41 percent of those 30 or younger creating new products in the past year, compared with 20 percent or less of all respondents 30 years or older. We know that in the world of entrepreneurship, you have to be content to throw lots of ideas against the wall and expect only one or two to stick. This mindset is second nature to Gen Y-ers, who tend to be more agile and comfortable with change. Their small-business cultures reflect the fact that they are happy to abandon the status quo if it’s not working, and are always looking to discover the next big idea. Freedom To Be Workaholics Fifty-nine percent of Gen Y entrepreneurs cited increased stress levels in the recent pastâ€"the highest percentage of any age demographicâ€"and 12 percent took no vacation days at all this year. But younger business owners can afford to be overly focused on work and its related complications because the other areas of their lives typically don’t take up as much mental real estate (e.g., most don’t yet have elderly parents or young children). Your average Gen Y place of business, for example, is likely to be empty at 9 a.m. but buzzing at 9 p.m. Contrary to popular belief, there’s no issue with the Gen Y work ethic when that person is passionate about his or her job. For more, head over to the AMEX Open Forum.