A 2016 BNP Paribas Global Entrepreneur Report shows that, when it comes to business, millennials are extremely active and savvy. On average, millennial businesses are started at around age 27, where baby boomers would have started around age 35.
What’s perhaps more interesting about millennial generation entrepreneurs is that they have a turnover of over 40% more than baby boomers.
Whether other generations find them easy to work with or not, the truth is that millennials are driving the workforce today, and in no time at all, there will be plenty more in top management positions.
Here are just a few reasons why management needs to nurture millennials in a business context and welcome them in.
Millennials get a bad rap for being lazy, but the truth is that many of them are more dedicated and driven than their demographic counterparts – if and when they’re given the right opportunities. Millenials have fantastic business ideas so don’t discount them.
They Care About Relationships
Many millennials today understand the importance of designing values-and relationship-based business strategy. They want to make a difference in the world, rather than just making profit. It is this focus on meaning and caring that makes some of them such excellent business people.
They’ll Take a Risk…Sort of
Millennials are no stranger to risk and uncertainty – and in fact, many have learned to embrace this in both their personal and professional lives. But at the same time many are saddled with student loan debt, so they have to be frugal. This puts them in a good position to make medium-level investments: they need to start building a financial base without clearing out all of their savings.
Franchises: Yes or No?
If you’re a millennial and you’ve been thinking about starting a business, you may want to consider a franchise. Franchises have the possibility of working extremely well with millennial thinking for a few reasons.
First, they require original, independent thought. To be successful, a franchise needs to stand out on its own, while still following a certain type of rules. So, you can learn the ropes while exploring ways to do business better.
There are plenty of 20- and 30-somethings out there that aren’t only successful at traditional entrepreneurship; they’re carving out completely new ways of doing business. Here are just a few of many notable examples of businesses started by entrepreneurs:
- Evan Spiegel and Bobby Murphy founded Snapchat and succeeded in taking photo sharing to a whole new level. Each of the young men has a reported net worth of $4 billion.
- Daniel Ek founded Spotify, the massively popular music sharing service. He began his entrepreneurial career at the age of 13 when he began building websites at home, and by 18 years old he ran a team of 25 people.
- Michelle Phan used YouTube to build a huge fan base via her clever marketing of make-up tutorial vlogs and now runs her own business called Ipsy as well as her own YouTube multichannel network.
- Kathryn Minshew, CEO, and founder of The Muse was named in the Forbes 30 under 30 a few years back and has been on many “women to watch” lists.
There are a ton younger people making waves in the world, so find a few that do things like you and give them a follow – you never know, you may end up getting a chance to partner up one day.
If you’re a millennial with a drive to start your own business, you may be wondering just where to start. If you don’t want to do it all on your own, a digital marketing franchise option like WSI is one of the best franchises for millennials. Find out why today.