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Small business start-ups still possible

New research shows that it is the baby boomers, not the Generation Y entrepreneurs, who are the real risk takers when it comes to business formation. Boomers and Generation X'ers are far more likely to take on the challenges of starting a small business than their younger counterparts. The study found that 41 percent of Generation X employees, those between 30 and 49, and 45 percent of baby boomers, aged 50 to 69, consider themselves "entrepreneurial" as compared to only 32 percent of Generation Y investors aged 18 to 29. While younger workers do tend to be drawn to smaller companies where they can exercise their creative spirit, all generations evidence an entrepreneurial spirit within their companies.

Older workers have many advantages when it comes to starting a business, including experience, connections and accumulated wealth. At least 40 percent of Generation Y business owners and 43 percent of baby boomers identified themselves as "high risk" in terms of business ventures while only 28 percent of Generation Y responders answered this way.

About a third of respondents of all ages answered that they had the freedom and flexibility to be an intraprenuer. This is a word that describes those who have the ability to invest or make decisions within their current jobs. Companies that want to retain their best and most creative employees are encouraged to open opportunities to employees that satisfy their entrepreneurial spirit.

Those who are interested in opening a business in Virginia may find that consulting a business attorney is a wise choice. Business lawyers may be able to advise investors and business owners on ways they can maximize opportunity and minimize risk in starting or running a company.

Source: Huffington Post, "Baby Boomer entrepreneurs take more risks than Generation Y," Shelley Emling, Feb. 27, 2013

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