- The top reason business owners gave for wanting to start or own their own business is the desire to control their own destiny (60 percent).
- Younger business owners (79 percent of Gen Y and 54 percent of Gen X) are notably more likely than those who are older (35 percent) to feel that business ownership empowers them to make a positive impact on society.
- Business owners believe that by owning a business, they are more likely than people who work for someone else to be fulfilled in their work (72 percent), create significant wealth (67 percent), provide financial security for their family (66 percent) and create opportunities for others (58 percent).
- Ninety-five percent of baby boomers are the first generation to own their business, compared to three-quarters of younger business owners. One-quarter (25 percent) of owners under the age of 49 represent the second- or third-generation owners of a family business.
- The biggest challenge business owners cited in being able to grow their business is the impact of taxes.
U.S. Trust Insights On Wealth And Worth™ Finds Business Ownership Is Thriving, But Constrained By Taxes, Talent And Lack Of Planning
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