Whilst they currently only account for around half the global workforce, by 2025, 65% of working people will be classified as ‘millennials’ – a brand that brings with it some rather hefty baggage. It’s a generation (born between the 1980s and the start of the 21st century) that have been called everything from “entitled snowflakes” to “selfie obsessed narcissists.”
But in actual fact, working millennials might actually be harder working and more likely to succeed than their baby booming parents.
Whereas most of us still remember a time when we needed to unplug our phone lines in order to access the internet, younger millennials have grown up with perpetual access to high-speed, wireless internet. As a result, they are natively tech-savvy, which is a major benefit when it comes to starting a new business.
As they are younger and have that much more time stretched out ahead of them, millennials are generally better equipped to take out a small business loan that they will actually be able to pay back. Companies such as Liberis specialise in helping millennials find the capital to create their dream venture.
Kids today are starting work younger, with around 76% of teen millennials earning money through part-time work before they left school for full-time gainful employment. This means they are already versed in the ways of the working world.
Remote working has led to a situation where freelance work is no longer seen as a last choice, but as a legitimately flexible alternative to ‘conventional work’. With more innate skills when it comes to building a brand (through social media, for example), millennials are well-placed for the freelancer lifestyle.
With generation Z slowly growing up and joining the workforce, millennials will be more on their wavelength than older co-workers. This means it will be easier for millennials to integrate young employees into the team and inspire them to work hard and achieve great things.
Millennials have been proven to care more about each other and the environment than older generations, which will be a major benefit for a new business that wants to remain more eco-friendly and cost-effective. Because going green doesn’t just save the planet, it saves on the pennies too!
In truth, the only thing holding back many millennials (and their generation Z cousins) from becoming entrepreneurial masterminds is a lack of finances. In one study, 42% of millennials said the primary reason they haven’t started their own business is a lack of funds. With so many also coming straight from university, they will also have an obscene amount of student debt to contend with.
However, with their sharp focus, strong moral compasses and decidedly keen technological minds, they might just be the generation that gives entrepreneurship a good name.