Do Millennials Make the Best Entrepreneurs?

Do Millennials Make the Best Entrepreneurs

 


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Many people believe Millennials have the entrepreneurial mentality without the experience (and guts) to be leading entrepreneurs

  • Agree or Disagree?—Facts Are Facts
    • Entrepreneurship is lower among Millennials than it is for Gen Xers and Baby Boomers
      • 2014 Self-employment in the U.S.
  • What factors are adding up to cause this shift for the Millennial generation?
    • Overwhelming Debt
  • No more chasing the American Dream
  • now or in the future
  • Perilous undertaking?—No thanks!
    • 2001-2014: 10% increase in Americans 25-34 that report fear of failure kept them from starting a business
    • Though Millennial confidence is on the up-and-up as fear of business failure dropped 7% from 2013-2014

Millennial entrepreneurship today may be lower than previous generations, but those starting businesses are making it count!

  • Millennials May End Up Being the Greatest Entrepreneurial Generation Ever

Just think about it for a moment…

  • Digital natives have the upper hand in our tech centered world
    • The on-demand, plugged-in, Millennial generation is influenced differently than previous generations and molded by global happenings in real-time
    • Smartphones have provided improved tech resources over the last 10 years
    • Ready-made distribution platforms allow for quick tests of ideas, e.g., Etsy, Ebay, and Amazon
    • “Crowdfunding” has enabled entrepreneurs to raise capital from online sources, rather than relying on traditional sources like banks to grow their business
  • Independence is more important than a corner office
    • 67% of Millennials report their goals involve starting their own business
    • Only 13% report their career goal is to climb the corporate ladder to become CEO/president
  • Creative freedom is the key to real happiness
  • Reaching the end goal is priority #1
    • Obligatory life and career path set up by the Baby Boomers isn’t going to cut it in the 21st century
    • Real-world business and entrepreneurial knowledge goes hand and hand with a degree
  • Collaboration and coming together around great ideas rocks
  • Making a difference in the world is HUGE
    • 79% of Millennial employees who volunteered through a com­pany-sponsored initiative felt they made a positive impact
    • 57% of Millennial employees want company-wide volunteer opportunities
  • Purpose over profit

Since 1985, entrepreneurship classes on the university level have increased 20X, so educational exposure is at an all time high for Millennials

Now is the time to take the risk—because who wants to sit in a cubicle until retirement!

 

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