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Millennials: Entrepreneurial spirit runs deep in this generation

Business formation and planning might be on your mind if you're a millennial, according to a new study from June 2017. The study revealed that around half of all millennials are planning to start a business within the next three years, showing an entire generation with the aim of being entrepreneurs.

This is great news for the economy and for growth within the United States, but keep in mind that forming a business does need to be by the book. There are many laws and regulations to know about.

Small businesses are a vital part of the American economy. With around a third of Americans working in a small business and around a fourth of Americans owning a small business, it's clear to see how important they are to the economy. People are eager to create their businesses, but some are stopped by the expense.

Of 1,011 U.S. adults between the ages of 21 and 65, around 41 percent stated that they wanted to quit their jobs and start a job if they had the income to do so. Those same people stated they'd do so within six months if they could. Of millennials specifically, 59 percent wanted to start a business in the next six months so long as they had the resources to do so.

A good business starts with planning and getting the support needed to fund it. An attorney can help you collect the information you need to start planning and organizing your business, so you can take the leap into being the entrepreneur you want to be.

Source: Business Review USA, "Study shows half of millennials are planning to start a business in the next three years," Catherine Rowell, June 02, 2017

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