The numbers don’t lie: GenX is leading the solo business revolutionAug 11, 2023
And it makes perfect sense!
First the stats:
✅ GenX currently makes up 47.2% of all US business owners (15.7 Million)
✅ 85% of those are solo businesses
✅ 50% of ALL female business owners are part of GenX
The numbers surprised me a little because all we hear about are venture backed businesses, but doing a little digging, they are less than 1% of all startups!!
But I digress
There are 5 core reasons why GenX is leading this corporate exodus and building solo businesses:
1️⃣ Experience: We have not only seen but actively participated in several waves of innovation and transformation. With decades of real-world experience under our belts, we have honed our skills in diverse industries, making us well-prepared to forge new paths.
2️⃣ Bridged the Technology Gap: Unlike the Baby Boomers, many of us have successfully adapted to the ever-changing technological landscape. We witnessed the rise of the internet, the advent of mobile technology, and the integration of AI, embracing them all to our advantage.
3️⃣ Returning to Our Roots: Many of grew up as latchkey kids, our childhood was characterized by independence and resilience. With rules like "be home before dark" and "figure it out," we learned early to be self-reliant and inventive. We then traded autonomy for corporate jobs but are now ready to break free
4️⃣ The Desire for Meaningful Work: Many of us seek a greater sense of purpose and fulfillment in our careers. The solo business movement aligns perfectly with this desire, allowing us to leverage our unique skills and passions to create meaningful and impactful work.
5️⃣ Financial Means: GenXers, in most cases, have reached a stage in life where we have the resources and financial stability required to venture into entrepreneurship. This solid foundation empowers us to take calculated risks and pursue passion-driven projects.
The solo business model will become more of the norm than the exception.
We are seeing the rapid rise in communities led by John Arms, Karina Mikhli and Faheem Moosa
It is just starting to gain the momentum and I can’t wait to see where we are in 5 years!