Westport-, Greenwich- and Stamford-based U.S. Trust has issued national business owner findings from its “U.S. Trust 2013 Insights on Wealth & Worth” study.
According to the 200 U.S. high-net worth business owners who shared thoughts on running their own businesses, a generational difference exists in the motivation behind owning a business, but widespread agreement was found on what was viewed as the biggest challenge to future growth: taxes.
Key findings included:
The top reason cited for wanting to start or own their own business is the desire to control their own destiny (60 percent).
Younger business owners (54 percent of Gen X, 79 percent of Gen Y) are notably more likely than those who are older (35 percent of baby boomers) to feel that business ownership empowers them to make a positive impact on society.
Business owners believe that 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 to create opportunities for others (58 percent).
Nearly all responding baby boomers ”“ 95 percent ”“ are the first generation to own their business, compared with three-quarters of younger business owners. Meantime, one-quarter (25 percent) of owners under age 49 represent the second- or third-generation owners of a family business.
