Millennial Business Owners Are Determining the Future
According to an article by Cargo, it can be seen research, that millennial business owners are strongly becoming the fastest growing segment within Small Business Ownership.
The article continues to attribute the reasoning behind this growth to the circumstances in which
Gen-Y (Millennials) grew up as well as the influence of technology and funding possibilities.
With this as the case, let’s take a closer look at the practices in which Millennial business owners operate, and maybe a thing or two we can learn from them.
The Pursuit of Purpose
Multiple studies have been conducted proving that the younger generations are seeking more and more meaning out of their everyday career.
This seeking of purpose has led many a Millennial to apply themselves to creativity and helping others. With that being said, the way that business owners from Gen Y apply themselves is mainly focused on seeking the betterment of society as opposed to success in terms of monetary value.
Now why are they still so successful in terms of monetary value?
Well, looking at the status of consumer expenditure, $2.8 Trillion dollars of this expenditure is due to millennials also accounting for the largest generation alive on earth today.
With millennials supporting millennials, it’s no doubt that the pursuit of purpose bleeds directly into consumerism and allows the Gen-Y entrepreneur to adjust their business accordingly with an overwhelming amount of support to boot.
The Revolutionization of Work
The “Lazy Millennial,” is a product of much scrutiny in most business discussions (usually determined by the elder, more financially well-off entrepreneurial mindset).
This is however not the case.
Millennials are not lazy; they are instead hyper-focused on what is relevant and what is not (to them).
In terms of the “Generic” business landscape, they will begin to scrutinise practices they find as irrelevant and unnecessary.
Let’s look at an example:
Where most of the elder generations worked for their financial capital to start their business, millennials seek aid from peers.
The creation of platforms like GoFundMe and Patreon has given a financial boost to millennials who come up with excellent ideas and the capacity to act on them
No longer are business owners needing bank loans or investment capital from an angel investor, they can find it amongst themselves.
Corporate Business Practice Needs Practice
“If it ain’t broke, don’t fix it.”
This phrase is the bane of the millennials’ existence.
With a consistent need to optimise and rework things into their most affluent potential, millennials always seek to better things.
The common working experience is no exemption.
Hybrid working hours, a focus on culture in the workplace, consistent rewards for hard work, and flat leadership structures are only some of the things that millennials instil in their own business practice.
Once again, this isn’t due to laziness or a laid-back attitude, it’s found through purpose and an intent to better the lives of others with financial gain being secondary.
After all, if your employees are happy and looked after, they will not only get the work done, but they will also want to get it done better than ever because they are equipped to make the impact they seek.
To Sum it All Up.
The millennial entrepreneur seeks a purpose.
This purpose is usually found inside careers and the time one must engage in other activities besides work.
With this mindset, the current business landscape is being shifted towards a concentration on people as opposed to profit.
Corporate culture is revitalised, and innovation becomes a driver for something outside of skimping on product costs for a better ROI.
Before wondering why, a new start-up for an extremely niche software advancement is going global, think about the entrepreneur who has the mindset to make a real impact using the knowledge and passion they had growing up in the 90s.