May 10, 2018
Gen Y, more commonly known as Millennials, is a different breed of business when compared to past generations. They share a certain mindset and hustle that was bred out of equal parts necessity and desire for independence. As part of our ongoing blog series, this post will explore the drivers behind Gen Y’s passion and desire to become entrepreneurs.
Post .com bubble, Millennials grew up during the social media and app revolution. Instead of idolizing sports and entertainment figures, this generation came to recognize and idolize names like Zuckerberg, Spiegel, and Stone. Suddenly their dreams and aspirations shifted from excelling at a career to creating their own career.
Today we look at the Great Recession in the rearview; however, the economic collapse of the late 2000’s coincided with many Millennials attending and graduating from high school and college. When they were ready to enter the workforce, the US unemployment rate was exceptionally high among adults 18 – 24 years of age at 15 – 16% (US Bureau of Labor Statistics), especially among young adults without prior work experience. So when opportunities were scarce, Millennials decided to blaze their own paths to create their own financial futures. Even now, Millennials are 40% more likely to agree with, “I would like to set up my own business one day” (Experian Simmons 2018).
A true entrepreneur must have the ability to accept a certain level of risk factors when starting a new business. Needless to say, mettle and perseverance are necessities. As a generation, 52% of Millennials agree they want to “pursue a life of challenge, novelty and change” and 53% agree that “I enjoy taking risks” (Experian Simmons 2018).
Unlike Gen X and Boomers, who grew up during a time when clocking a 9-5 was a badge of pride, Millennials see corporate culture in a less positive light. The perception of the corporate class is that one must assimilate and fit in; however, Millennials are 50% more likely to agree to “I want to stand out in a crowd” (Experian Simmons 2018). To this end, what better way to shape corporate and/or business culture than to create and run your own business?
As an organization, we highly value the talent and drive of the Millennial Entrepreneurial Class. We recognize the future is now and we will search for ways to encourage, cultivate and empower the next generation of young, talented entrepreneurial-minded individuals to do our part in priming them for success. Stay tuned!
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