Millennials are the newest generation to enter the workforce and with them, they bring new twists to old business techniques that have been around for ages. A generation centered around the idea of instant gratification and doing things more efficiently for faster results, millennials are by no surprise changing the face of entrepreneurship. It may be too soon to tell if they are changing the industry for good or not, but regardless, the change is happening now. So what exactly are millennial entrepreneurs up to that is so different?
For starters, millennials have a whole different idea of success than their baby boomer and generation x coworkers. The measure of success used to be by the number of rungs on the corporate ladder that you were able to climb, stretching to the top. Millennials are not as interested in this traditional path. That does not mean that they do not want to work hard and succeed – in fact, it means the opposite.
Millennials want to be in total control of their success and earn it on their own time. An innovative generation, millennials are entering the workforce with new ideas and an eagerness to start their own business. With the digital age comes online competition. Millennials love to share most aspects of their life online, and can’t help but compare their path with those who they follow on Instagram.
They don’t want to sit in a cubicle while other people their age are making money from home. They know that entrepreneurship does not always lead to success, but they are willing to try, knowing the lessons that they learn along the way are invaluable. Millennials are also more open to working odd hours, always having access to their email and other resources in the palm of their hands. A true entrepreneur is someone who works just as hard outside of the 9 to 5 workday
Furthermore, millennials are social people. They value a relationship based work environment and tend to work better with people that they know on a more personal level. The generation is excellent at networking, having become experts in social apps like LinkedIn and Facebook to interact with other professionals in their industry. You’ll find it hard to succeed as an entrepreneur if you are timid and uncomfortable with meeting new people.
The travel bug that many millennials seem to have been stricken with could prove to also be advantageous to their entrepreneurial dreams. Millennials are no strangers to globalization. The generation will travel in a foreign country living out of a camper van for weeks if they have to do so in order to afford it. They are adventure seekers, typically open to new opportunities abroad. Globalization is a great way to spread awareness of their business or service. With social media being second nature to them, they can connect with resources from across the globe to help as well.
With more than one-third of the American workforce now made up of millennials, we can expect to see a rise in entrepreneurial ventures run by this new generation. Time will be the biggest factor to attest to their success.