A study by Xero as reported in Business News Daily found that young business owners do not define success by the amount of money they make. Rather, they value work-life balance and flexibility. Seventy-nine percent of millennial small business owners reported measuring their success in terms of a healthy balance between their personal and professional lives and a flexible work environment. Further, 67 percent said that having a schedule that enables them to travel and pursue personal interests is pivotal in having a successful business.
Millennial small business owners are optimistic about their business success because of various factors. Sixty percent of those surveys reported having a loyal customer base. Further, 57 percent reported increased revenue. Additionally, 31 percent claimed that their profits were on the rise.
Young business owners are the forefront when it comes to using the cloud and social media to run their business. Compared to one-fifth of baby boomers, one-third of millennial entrepreneurs reported running the majority of their business functions in the cloud. Millennial business owners also tend to use social media, such as Facebook and Twitter, to communicate with their customers. In fact, approximately 60 percent of those surveyed noted that social media was their primary channel to communicate one-on-one with customers.