More young adults itching to be their own bosses

By Cynthia Hodnett
Green Bay (Wis.) Press-Gazette

GREEN BAY, Wis. — A career in construction gave 34-year-old Doug Schmidt Danforth a good paying job, but it didn't provide him with true satisfaction.

When Danforth had the opportunity to follow a new career path in 1997, he took a chance with $900 and an idea.

"I knew a little about the area because I had managed two floral shops years before I went into construction and I liked it a lot," he said. "I also knew that I wanted to control my own destiny. I knew I wanted to be my own boss.

"I walked into Bay Park Square mall (in Green Bay) and I didn't see a flower shop anywhere and I knew there was a need for one, so I decided to give them a call," he said. "I started with the $900 and I bought some coolers and other equipment, and one of my cousins helped me out with the rent."

A shaky economy plus the desire to chart their own financial courses are among the reasons why more twenty- and thirtysomethings are going into business for themselves, said Wayne Corey, executive director of Wisconsin Independent Businesses Inc., an agency for small businesses.

Although there aren't any statistics to show how many businesses are owned by those younger than 35, Corey said an increasing number of people in that age bracket are starting their own businesses.

While many may have dreams of owning successful businesses, the reality is that many businesses fail.

Many new business owners, especially those who are younger, don't anticipate the long hours and dedication required to get a business off the ground, Corey said.