Young adults are redefining success in ways that differ drastically from previous generations, according to a recent survey from Citizens Bank. On today’s episode of The Small Business Show, Citizens’ Head of Business Banking, Mark Valentino, discusses the survey’s findings and their implications for the future of entrepreneurship.
Sixty-seven percent of young adults are pursuing entrepreneurship, and roughly 25% report having a side hustle, a trend that continues to grow. While this shift signals excitement about entrepreneurial opportunities, many individuals feel that traditional career paths no longer offer the same opportunities as they did for earlier generations. As a result, young adults are defining success for themselves.
The survey also highlighted the younger generation’s ambition: 60% of respondents said they aspire to sell their company or go public. Solopreneurship, a business model in which a single individual operates a company without employees, is also on the rise.
"The American dream is very much alive, and Citizens is part of serving that dream."
Valentino says the pandemic played a significant role in this shift toward entrepreneurship. With millions working from home, people had more free time to explore starting their own business. Additionally, new avenues for earning income—especially content creation—have opened up, creating noteworthy non-traditional career paths.
While opportunities are abundant, practical considerations remain. More than half of respondents reported receiving some form of monetary or housing assistance from family. This support allows them to pursue unconventional opportunities more easily.
Another factor driving the entrepreneurial trend is the growing affordability crisis in the U.S. With the average price of a new vehicle exceeding $50,000 and typical three-bedroom homes costing between $300,000 and $400,000, many young adults are reconsidering major purchases. Instead, they are allocating resources toward launching a business, which requires far less capital.
Valentino notes that this shift toward entrepreneurialism will significantly impact the workforce. As Baby Boomers retire, younger workers who are unafraid to forge their own paths will challenge companies to rethink how they attract talent. Flexibility and meaningful work are highly valued by this generation, and employers must cultivate a culture that meets these expectations to attract and retain top talent.
Citizens Bank’s Business Banking division supports businesses ranging from startups to those generating $50 million in revenue, after which clients transition to the Commercial Banking division. Citizens also assists small business owners in obtaining SBA-backed loans.
For aspiring entrepreneurs hesitant due to uncertainty, Valentino encourages them to take the leap. Some of the most successful businesses were launched during crises or recessions. With abundant online resources, AI-powered tools, and support systems available, the barrier to entry has never been lower.
The Small Business Show