5 Reasons Millennials Make the Best Entrepreneurs
Thursday, 23rd of November 2017
Thursday, 23rd of November 2017
The startup world has witnessed explosive growth in recent years. Although entrepreneurship itself isn’t a new thing in business, newer generations seem more willing to take a chance and forgo a comfortable office job to develop something unique and disruptive. More than simply a chance occurrence, though, it seems this new wave of entrepreneurship is being driven by an unexpected force—the millennial generation.
These new young professionals who were born into our current tech-driven ecosystem see the world through a different lens relative to older generations. More importantly, they’ve decided that the way things worked wasn’t working for them, opting instead to forge their own paths. The question remains, however: why are these millennials driving such a significant pivot in the business world? What drives them to be entrepreneurs more so than other groups? Here are five reasons why millennials make the best entrepreneurs:
“The physical space provides customers
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quo and delivers on that promise. ”
Unlike baby boomers or Gen-Xers who were taught their whole lives that an office job and a steady salary were the main life goal, millennials are less afraid to seek independence, and are much happier to be part of the “gig economy” or find their own means of employment outside of traditional 9-to-5 jobs. More importantly, they’re all about being flexible. Instead of sitting in an office, entrepreneurship lets millennials work their own hours, maintain their own pace, and exert more control over their day-to-day routines. An impressive 77% of millennials noted that they prefer a flexible work schedule to be most productive.
Even crazier, less than 15% say they see being a CEO or president as a life goal. These changing views have led millennials to increasingly embrace entrepreneurship as a path towards finding greater happiness, productivity, and fulfillment.
Today, most millennials have Instagram, Facebook, and Snapchat accounts along with the thousands of followers that come with them. This built-in audience allows individuals to reach large groups of people faster and more affordably than even the best designed advertising campaign. Indeed, social media has become a key aspect of most marketing and branding strategies, and millennials are better positioned than any other generation to take advantage of this collective shift.
Younger people are already more image-conscious and aware of their personal brands than ever before, cultivating massive followings that can readily be monetized. With this expertise and access, young entrepreneurs have a leg up when creating a new business and working to spread the word about their innovative undertakings.
One of the big side effects of incredibly easy access to information and stimulus is a shorter attention span. Millennials are usually accused of being lazy and unmotivated, but that’s not quite the whole picture. Instead of unmotivated, this generation is less willing to find fulfillment the same way their parents’ generation found similar satisfaction, and are more likely to be vocal about it. Furthermore, money is not the same motivator it was for Generation X or the baby boomers.
Instead, millennials are looking for a challenge and a mission. They’re still looking to get paid, but they’re willing to explore avenues outside an office to earn income. More importantly, they’re looking to do work that’s meaningful and has an impact on their community while generating profits. Most companies simply don’t target these ideals, so millennials are being pushed to create their own, leading to more entrepreneurship.
With their sights set on finding meaningful employment, millennials are growing up to find a world they aren’t in love with. Conditions for new graduates continue to deteriorate as student debt grows and social issues such as equality, empowerment of underserved communities, and environmental awareness continue to grow in the social consciousness. In this unwelcoming reality, millennials have been forced to take matters into their own hands and be the change they want to see.
More and more, young entrepreneurs are creating businesses that disrupt existing models, developing unique brands and products that are focused on changing the world, or at least parts of it that could be improved. Millennial startups tend to focus on innovating within mature markets while introducing a social aspect that many large corporations simply cannot match.
Regardless of why they’re doing it, millennials are driving a new wave of innovation and enterprise that could reshape the world of business within a very short period of time. With major disruptions already in the books alongside the growing potential to change and solve many of the existing problems in the world, millennials are poised to continue creating new businesses and better brands all while reaching wider audiences.