ROCHESTER, N.Y.--(BUSINESS WIRE)--In conjunction with National Small Business Week, Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, today launched “The Changing Face of Business” campaign, an initiative that will explore the influx of a younger, more diverse group of entrepreneurs and what that means for the future of business.
“National Small Business Week is an opportune time to recognize and celebrate the vital contributions America’s entrepreneurs have on our economy,” said Paychex president and CEO Martin Mucci. “In the past several years, we’ve seen a steady shift in the small business landscape. Millennials and other groups represent a growing population of business owners. Their diversity is driving innovation in small business, and we’re happy to spotlight their influence.”
BizBuySell.com research indicates that as Baby Boomer business owners retire, a new generation of business owners is primed to take over. In fact, the younger the business owner, the more diverse they’re likely to be. According to a recent Manta survey, 66% of current small business owners believe that Millennials will lead small business entrepreneurship into the future.
Two other groups making a strong push into entrepreneurship are women and veterans. According to CEB data*, the number of women-owned small businesses in the U.S. has increased 50% faster than the overall number of small businesses. In a similar fashion, the Small Business Administration (SBA) reported in fiscal year 2015, business loans to veterans rose 45% from the previous year.
To view an interactive infographic presentation of these data points, click here.
Among a number of other initiatives, Paychex will be spotlighting business owners who represent The Changing Face of Business – or #NextGenBiz – in the coming months. All articles and related content will be housed on media.paychex.com/next-gen-biz throughout the summer and fall, leading up to Small Business Saturday (November 26). The first installment of the #NextGenBiz series is available here.
The SBA has recognized National Small Business Week on an annual basis dating back to 1963. For more information on the SBA’s #DreamSmallBiz campaign, click here.
* Source: CEB, Segment Profile: Women-owned Businesses, Arlington, VA, 2014, page 6
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 40 years of industry expertise, Paychex serves approximately 590,000 payroll clients across 100 locations and pays one out of every 15 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.