Why Millennials Are The Best Entrepreneurial Generation ? “Millennipreneurs”, the amalgamation of millennial and entrepreneur are the exciting, new generation of savvy, young, and creative individuals that are taking the world by storm. Millennials are disregarding the path laid out for them by the Baby Boomers. They don’t like to wait their turn on the corporate ladder. They are looking for or inventing ways to start their own business. This is not really surprising since millennials inherited a flawed world, and they want to repair it. For them, everything is about now. These are just some of the characteristics that make them good entrepreneurs. Here are other reasons why they make the best entrepreneurs.
Compared to baby boomers, millennials start young. According to studies, the average age this group considered starting a business is 29.4 years old and actually started a business at 31.1 years old. Millennials do not only start early, they also launch twice as many businesses compared to baby boomers, making them the best entrepreneurial generation.
Nowadays, the technology sector is a good industry to take advantage of. With apps, technology, and gadgets becoming vital to their generation, millennials have more opportunities to take advantage of. They are talented in technology and have knowledge in coding and other IT skills. This means they have more virtual opportunities to turn into physical dollars, once again qualifying them to be the best entrepreneurial generation that can adopt advanced technology.
Millennials like to work together in the form of collaboration and thrive on feedback. Nobody works alone in a bubble, so everyone’s skills can be pooled around to get the best results. The older generations are usually more territorial about their ideas but millennials are the opposite. Millennials like an open floor plan for their offices and like physical communication. Aside from this, millennials also know how to work remotely. This article highlights how entrepreneurs are motivating one another to work better together.
Try and Try (Key to be the best entrepreneurial generation)
The saying “If at first you don’t succeed, try again” is common among millennipreneurs. This attitude sets them apart from the previous generation. Young entrepreneurs know that it takes different strategies to make a business successful. Millennials are resistant to failure and know how to bounce back from a problem with different ways to attack it. This is easily one of the key aspect that separates them and make them the best entrepreneurial generation to date. Check out this article for common failures that trip early stage companies.
Know How To Invest
Unlike their predecessors, the new generation knows how to invest. Millennial investment saw a growth of 12% from last year with a large chunk of their investment concentrated abroad. Young entrepreneurs are also investment savvy with many of them diversifying their investments with 20% of them investing in their own business and 17% in real estate. Millennial entrepreneurs are also exceptional at learning how to invest in their company culture.
You would think that the email and text generation prefer their communication to be over gadgets. However, studies show that over 51% of millennials want their communication to be done face-to-face with only 9% preferring phone contact, 19% through email, and 14% through text. This preferred form of communication makes it easier for all parties to understand each other better thereby leading to deals being closed faster.
Only 13% of millennials have career goals that involve climbing the corporate ladder. The new generation sees their jobs as stepping stones to creating their own business. While most of them know that the chances of creating the next Facebook are low, they know that they have what it takes to make a cool start-up, and many of them are satisfied with starting with that. Millennials prize their independence, because they know that following a traditional career path can potentially lead to nowhere. They might have seen family or relatives work for a company for 20 years only to end up getting fired. This distrust in the corporate setting has created a new breed of young people who want to take a chance at succeeding at their own business.