Millennials or Generation Y will make up more than one of three adult Americans by 2020 and 75 percent of the workforce by 2025, as per a Governance Studies at Brookings report. It is also the fastest growing generation in the Canadian workforce. In the Asia Pacific too, millennials comprise 25% of the total workforce population. If you belong to this new breed of confident and highly informed professionals, we may have to ask you what you want from your life and career. How different are your professional outlook and expectations from those of the baby boomers or the generation that came before you? What are the biggest challenges you have to overcome? And, most imprtantly, how can you best leverage the skills that come naturally to you in your work life? These are some of the points I am going to discuss in this blog.
What do Millennials Bring to the Table?
We’re talking about a very tech-friendly set of people. For most Millennials, digital is a way of life. You grew up texting and using Facebook and Twitter. As a generation, you've had more access to education and professional training options. This has raised your professional expectations, and it makes you constantly seek challenges.
Most millennials would rather not have a job than one they hate. For most of them, work life balance is of utmost importance. But, times are uncertain, and the economy is a fluctuating one. And, therefore, one of the biggest challenge that your generation faces is finding jobs and opportunities. It’s also not unusual to find youngsters complaining about underemployment, temporary contract positions, lousy pay and never-ending “internships” as factors that have eroded their expectations, and their belief in the traditional work place.
Generation Y does not believe in traditional work places, preferring to work remotely. They want flexible schedules, more “me time” on the job and they may not want to wear that tie to work. A FlexJobs Report showed that 60% of millennials think they would be more productive working from home versus in an office environment. With firm bases of education, digital skills, and strong opinions such as this, it seems obvious that Millennials are best suited to following the path to entrepreneurship.
But starting out on your own, and at that young age is easier said than done. Millennials who want to be their own boss need to take a couple of things into consideration. Next, we will discuss entrepreneurial skills they have to possess to consider the option of becoming entrepreneurs.
Entrepreneurship Demands Confidence
No entrepreneurs could ever go out into the world thinking they could make it better without having confidence enough in themselves and their ideas to believe they could succeed. Self-confidence and a measure of fearlessness, therefore, is a critical component of how to become a successful young entrepreneur. Millennials are confident, connected and open to change. This makes you ideal for entrepreneurial ventures.
All you need to do is tap into this strengths and channelize them in the right direction when you start out. As Simon Sinek so aptly said, “So much of starting a business or affecting change is the confidence and courage to simply try.”
Succeeding in Business Means Being Determined and Motivated
Anybody who’s ever worked in business will tell you that success doesn’t happen overnight and that making any company work takes patience, dedication, and a great deal of motivation. Without these characteristics, any business owner would be deterred by the first mistake, defeat, or failure.
To be a successful entrepreneur you have to keep getting back on the horse every time you fall off. The key is to stay focused on the success you're trying to achieve and the changes you're trying to effect, because, at the end of the day, your accomplishments will make it all worthwhile.
Check out our recent blog “Draw Inspiration from Some of the Most Remarkable Entrepreneurial Stories in History” that talks about the journey some of the most successful people in the world took to reach the top.
Creativity and Innovation Are at the Heart of the Entrepreneurial Spirit
Entrepreneurs wouldn’t exist unless people believed they could do something better than it
was already being done, and that’s one reason why younger people and entrepreneurship are such an ideal fit. Younger people recognize that lots of things in this world require improvement, and an entrepreneurial venture is a great way to use their creativity, innovation, and passion to make the world a better place.
Self-starters who have combined their creative flair with their entrepreneurial skills have built multimillion-dollar business empires. Look at Oprah Winfrey, Richard Branson, Rupert Murdoch, and you’ll know what I mean.
Personal Skills and Open-Mindedness Make Today’s Business World Go Round
One of the biggest things that set millennial workers apart from older generations is their need for socializing and collaboration. This makes entrepreneurship an excellent fit for them. Entrepreneurs must have strong people and communication skills, must be charismatic and friendly, and must be open to new people, new ideas, and new ways of doing things.
Many younger people and Millennials make great entrepreneurs because they naturally have the abilities, desire, passion, and drive required to succeed in business. Today’s younger generations are global citizens who are very aware of the various problems in the world, and many have a desire to do something about it.
However, with Gen Xers and Baby Boomers as their parents and role models, Millennials are also innovative, hard-working, and business-minded, making them perfect candidates to run the businesses of today and tomorrow.
Download our guide to pick up some great tips on what it takes to be a successful entrepreneur and figure out if that’s an option for you!
