Generations and entrepreneurs

Abstract

AIMS OF THE STUDY

The impact of the generation gap on the society can be perceived in many areas of life. The different generations have various habits, experiences and norms, so the question may raise what differences may result among entrepreneurs in belonging to a certain generation. The aim of this study is to present the impact of the generation gap on the entrepreneurial skills based on empirical data.

METHODOLOGY

The research was carried out in the form of structured in-depth interviews based on questionnaires and case studies prepared with the involvement of 438 entrepreneurs known by university students. The impact of the generation gap on the entrepreneurial skills is examined applying factor analysis and correspondence analysis.

MOST IMPORTANT FINDING

According to our findings, the generation gap has an influence on the entrepreneurial traits. We could refer to generation groups into the entrepreneurs, which are in tune with the generations’ speciality. The Traditionalists and the Baby boomers are more experienced and decision making is highly important competency for them, the Gen Xers identify easily business opportunities and taking calculated risk has a high importance for them, the Gen Y members have good communication skills and are familiar with new technologies.

PRACTICAL SUGGESTIONS

The results of the research can be primarily utilized to increase the efficiency of small businesses and may ground for the development and operation of educational programs. The working relations between different generations will be more effective if the cooperating entrepreneurs are aware of the characteristics of the different generations and try to take advantage from these differences.