Do you think your outlook on the economy could in any way be linked to your age? That’s the question put to participants in a recent survey conducted by Celent Research for the Western Union Payments Small Business Barometer.
The results are revealing. Take a look at some key contrasts between younger business owners and more mature (45+) entrepreneurs:
• 45% of small business owners 44 and younger predicted increased revenues for the balance of 2012, versus 24% 45 and older.
• 38% of younger owners felt revenues were going to decrease, versus 56% of 45 year+ owners.
• 32% of under-44 owners planned on increasing their marketing spending, versus 20% of the 45-54-year age group.
• 43% of under-44 entrepreneurs planned on offering new products and services, versus 39% of the 45-54-year age group.
SOCIAL MEDIA USAGE
• 31% of under-44 small business owners planned on using social media to promote their business, versus 25% of the 45-54 age group.
DISCOUNTS & PROMOS
• 32% of under-44 owners said they are are willing to offer discounts & promotions, versus 22% of the 45-54 year-olds.
INVEST IN BUSINESS IT & INFRASTRUCTURE
• If there was extra cash available, 22% of the under-44 group would invest in business IT and infrastructure, versus 14% of those 45-54.
• 53% of owners 45 to 54 were likely to put extra cash in a savings account, versus 44% of those 44 and younger.