Millennial small business owners are more ambitious and driven than older counterparts and more likely to want assistance in specialist areas, according to an NRMA Insurance survey.

About 43% of owners aged 18-34 want to dominate their industry, become a household name or earn as much money as possible, compared with just one-fifth of owners aged 55 and over.

They are also more likely to work more than 50 hours each week and take less time for holidays than the older demographic.

About 60% of younger owners nominate finance as an area in which they want more help, compared with an overall survey average of 45%.

They are also more likely to want assistance with marketing and legal responsibilities.

NRMA Insurance Small Business EGM Amanda Whiting says Millennials are known for seeking environments that offer flexibility, autonomy and a sense of purpose, plus creative freedom.

“While this often wrongly lands Millennials the reputation as fickle or entitled, it is these qualities, coupled with… Millennials being the most ambitious and tech-savvy generations, which makes younger people well-suited to running their own business,” she said.

The annual NRMA Insurance Business Owner Sentiment Study questioned 1500 small business owners and examined the stresses and advantages of running an enterprise.

Overall, increased competition is the leading perceived risk for small business, followed by changes to the economy, workplace health and safety risks, legal risks and natural disasters.

Managing cashflow is cited by 33% of respondents as a major source of stress, followed by balancing professional and personal lives, the increased costs of doing business, attracting new customers and managing financial responsibilities.

Only 5% get professional advice, while one in five run their business by “trusting their instinct and going with their gut”.

When asked what they like most about running a small business, 62% of owners nominate the freedom and flexibility, while the sense of achievement and being their own boss also rank highly. Only 27% point to the financial rewards.