The rise in young business ownership across the U.S. signals a shifting entrepreneurial landscape, with younger Americans increasingly taking the leap into self-employment.

In a new analysis from Simply Business, researchers identified the latest industrial and geographic trends in young business ownership in the U.S., with data specific to Georgia.

Key Takeaways, With Data for Georgia

• Nearly 3 out of every 10 business owners are under 40: Nationwide, 29.3% of all business owners are under 40, and over 6% of workers under 40 run their own businesses.

• Entrepreneurship in a digital economy: Young business owners’ skills and interests tend to align well with new opportunities in the digital economy, which often require lower startup costs. In the information sector—which includes software development, digital publishing, and internet services—almost half (45.3%) of business owners are now under 40, up from 37.9% in 2018.

• Creative fields also appeal to young business owners: The arts, entertainment, and recreation industry saw young business ownership rise since 2018 (from 33.4% to 38.5%), highlighting the strong appeal of creative fields for younger workers.

• Young business ownership in Georgia: Among workers under 40 in Georgia, 6.8% own businesses, compared to 10.6% of all Georgia workers. Overall, 30.1% of all Georgia business owners are under 40 years of age, a larger percentage than the national figure (29.3%).

If you’ve noticed a trend of coworkers leaving their jobs to start their own companies, you’re not alone. Business ownership among younger Americans is on the rise, especially in certain parts of the country.

Traditionally, older Americans have been more likely to own businesses, thanks to greater experience, financial resources, and professional networks. However, entrepreneurship is increasingly attracting younger Americans, who now view it as a viable career path. Although they may have less capital, younger adults often have fewer financial obligations—such as mortgages or family expenses—making it easier to take on the risks of starting a business. Additionally, their skills and interests tend to align well with new opportunities in the digital economy, which often require lower startup costs.

Over the past several years, economic and workforce shifts have fueled record-high levels of new business applications, reflecting a surge of entrepreneurial interest among younger workers. According to recent U.S. Census Bureau data, nearly three out of every 10 business owners nationwide are under 40, and just over 6% of workers under 40 now run their own businesses.

You can read the full study at https://www.simplybusiness.com