Baby Boomers and Generation X (ages 30-49) outmatch Millennials when it comes to entrepreneurial appetite, according to a new survey.

The survey, conducted by and Millennial Branding, found that 45 percent of Boomers and 41 percent of Gen X members call themselves entrepreneurs—compared to only 33 percent of Millennials (ages 18 to 29), a group more often associated with start-ups.

“I wasn’t expecting that at all,” said Dan Schwabel, founder of Millennial Branding and upcoming author of Promote Yourself. “We’ve seen so many previous research reports and articles that show that Millennials or Gen-Y’ers are the entrepreneurial generation. And then we do this study and it actually shows that they’re the least.”

The survey also revealed that Boomers and Gen X members are more willing to take risks than their younger counterparts. Of the 2,828 survey participants, 28 percent of Millennials labeled themselves as high-risk takers, while 40 percent of Gen X and 43 percent of Boomers felt the same.

Schwabel had several ideas about why Boomers are more self-assured about their entrepreneurial side, citing their experience, their networks, and how much money they have.

“All those things really position them to start a business over somebody that’s in debt, has student loans, or might not be able to get a job,” he explained. “Although you would think that Millennials are really tech-savvy, well that’s one thing, but Boomers have so much money, they can hire someone who is tech-savvy.”