Millennials as Entrepreneurs
Think about your friend circle … how many people do you know that have their own business, blog, or project on the go? There’s probably 1 or 2 names that come to mind who you would consider an entrepreneur, or “Millennipreneurs” – a new term used in a 2016 BNP Paribas Global Entrepreneur Report to describe the emergence of Entrepreneurial-Millennials. Averaging at only 20 to 35 years old, these entrepreneurs are already outperforming their parents in terms of the number of companies being started, staff sized being managed and the level of profits made.
Millennials are introducing businesses around the age of 27, while their parents didn’t launch their first businesses until the age of 35 or so. The rapid advancement of technology has definitely aided Millennials in the success of business launches, but it’s also an overall acceptance of their position. Society has shifted in the sense that young business owners are accepted and respected just as much as seasoned veterans who have been behind the desk or cash for 30 or more years.
Not only are Millennials starting businesses at a younger age, they’re starting even more per person than their parents. The BNP report showed that Millennials have launched almost eight companies each – nearly twice as many as boomers. The fact that it’s generally easier to start a business these days can be attribute to this, but it also may have to do with a change in attitude and perception between the two generations. Millennials are more likely to take a shot and put an idea out there with the chance that it may fail. They’re open to failure and use it to better future efforts, whereas boomers saw failure as a life altering road block and spoke to a flaw in their character. There’s a high probability that even though Millennial businesses have doubled those of boomers, they didn’t all go on to be billion (or even million) dollar ideas. The point is that they took a chance and gave it a try.
Millennials have surpassed nearly one third of boomers with 75% expecting their profits to increase within the next year, proving they are clearly attacking markets in the right way.
Another major factor that the report shone light on was the desire for Millennials to incorporate social issues and initiatives into their business activities. They aren’t solely centred around the money making side of things, but rather, how they can use their position to give back and create a positive social impact from early on in their ventures. This was proved to be an afterthought for boomers, with profit coming in as top priority.