According to the numbers in the 2016 BNP Paribas Global Entrepreneur Report, a bigger percentage of millennials are turning entrepreneurs than their counterparts in previous generations. The younger generation seems more eager to take risks that come with starting their own businesses. Add to this, the rapid rise of technology and millennials’ comfort level with all things digital, starting a business has become very simple. But why is the younger generation so keen to strike out on their own? For an aspiring millennial entrepreneur to succeed in their business venture, they need to know what they are looking to achieve through this step. Once they are clear about the factors that are motivating them to start their business, the next logical step would be to choose the venture that will help them chart out their professional plans.
So let’s delve into the top reasons behind this growing trend and see why twenty- and thirty-something workers are choosing entrepreneurial ventures instead of traditional workplaces.
1. Freedom and Flexibility
Millennial workers have a lot of things on the go, including school, families, kids, volunteer activities, and other responsibilities. These things take up a lot of time, and they can't always be nicely lumped into an easy schedule that accommodates a 9 to 5 workday. As such, many Millennials prefer the freedom and flexibility that entrepreneurship allows because they can make their own hours, balance work and life commitments as necessary, and make accommodations for all the other important things in life.
However, being your own boss makes huge demands of time and energy. If you want to become an entrepreneur because you think it’s going to be an easy road, you are wrong. On the other hand, if you’re an ambitious, motivated individual, who is willing to work hard and smart, a business might be the right choice for you. There’s no substitute for hard work, but as your own boss, you have the freedom and flexibility that you might not have at a traditional workplace.
2. Specialized Technological and Digital Knowledge
While technological literacy isn't always a requirement in business, it’s becoming increasingly difficult for entrepreneurs and companies to ignore the demands of the digital world. For one thing, traditional marketing is slowly taking a back seat to digital marketing, and most businesses today can't survive without a website, a social media presence, and a certain amount of knowledge about SEO and inbound marketing best practices.
As a Millennial who has been exposed to technology your whole life, these things are much more natural to you than they are to older workers, making you an ideal fit as the leader of a modern company.
3. Wanting to Find Comfort in a Less Traditional Workplace
As a Millennial, working the 9 to 5 daily grind, long commutes to work, spending day after day in the same cubicle, and sitting in an office chair all day are likely, not appealing thoughts to you. In fact, if you're like most people your age, the idea of having to do that day in and day out for 30-plus years is probably enough to send you running for the hills! The fact is that younger generations of workers aren't satisfied with traditional work environments, nor are they as productive when forced to work in those conditions.
The needs of Millennials in the workplace are different from those of the generations that came before, and most younger employees today are more creative, more productive, and more efficient when they can work flexible hours, aren't confined to cubicles, get to work in collaboration with co-workers, have access to natural light, and can work in multiple work spaces. Entrepreneurial Millennials like you have more choice in their type of workplace environment, which is another reason so many are choosing to strike out on their own.
Millennials were made for entrepreneurship, and if you're looking for non-traditional ventures, you should consider the possibility of digital marketing franchising. A healthy work-life balance is just one of the many advantages of this business. Combine this with your love for technology, and the increasing demand for social media, mobile marketing, eCommerce and other digital marketing all across the globe, and a digital marketing franchise may be just the right option for you.
But don’t take our word for it. Go ahead, do a Google search, ask around. Digital marketing experts are one of the most in-demand professionals right now. And if you’re convinced, get in touch with us, and we will take you through the whole process – no strings attached.
And in the meantime, take a self-assessment quiz and see if you have it in you to be your own boss!