Generation Recession: a small business evolution

Generation Recession: a small business evolution

There’s a new breed of start-up – they’re younger, more optimistic and ready to innovate.

This year’s DNA of an Entrepreneur Report – which explores the challenges of small business owners, along with what makes them tick – reveals that the recession has had a big impact on the way start-ups operate, leading to a new class of entrepreneurs: Generation Recession.

Data compiled from 3,500 small businesses in six countries shows that businesses started during the recession are more likely to be owned by women and/or have an owner under 40. Most significantly, considering the challenges they’ve faced, they are also reporting increased profits and revenue.

This new breed of entrepreneurs are also more likely to have hired new staff in the past year, launched new products or services and are fully embracing social media.

Generation Recession are demonstrating new levels of grit and determination – the economic downturn has made them even more committed to success, despite having a tougher time securing financing than their pre-recession competitors.

Generation Recession Infographic

This sponsored guest post is written by Alan Thomas, Sales Director at Hiscox, the small business insurer with more than 20 years experience underwriting technology companies, specialising in SMEs and start-ups.

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