Can Millennials Become Successful Entrepreneurs?

As an accountant, I’m always on the lookout for new business talent. The best place to find it is among the 12 million millennials living in the UK today.

However, not everyone agrees with me. LinkedIn is filled with articles that label millennials as easily distracted, obsessed with smartphones, and unable to stick to anything.

Every generation is misunderstood by the older ones. Yet, every generation has entrepreneurs who can turn opportunities into profitable ventures.

Think of Richard Branson, who started in the 1960s, working from a phone booth and disliked by the traditional business community. Branson didn’t follow the conventional rules but instead, he changed the business world for his generation. He continues to influence today with millions of followers on Twitter and LinkedIn.

As a father of two, I want to challenge the negative views about those under 35. Let me explain how millennial traits are shaping Entrepreneur 2.0 and why they shouldn’t be underestimated.

What Shapes a Millennial Entrepreneur?

Millennials are fundamentally different from those over 35. They grew up with the internet, affordable technology, and social media. The internet has changed how they communicate, learn, and work.

According to Forbes, “Millennials work for purpose, not paycheck.”

Born in the 1990s, they were the first to pay tuition fees in England and Wales while grants nearly vanished in Scotland and Northern Ireland. Burdened by debt and high house prices, many graduates look for new ways to earn money or find happiness.

In 2017, there were 311,550 company directors under the age of 30.

Millennials are driven more by experiences and memories than by a steady 9-to-5 job. That’s why instead of applying for graduate training schemes, more graduates choose to be their own boss.

As education and living costs rise, many school leavers seek alternative paths like learning on the job and using free online resources. They also supplement their income with side hustles from their parents’ homes, which can grow into successful global businesses.

Platforms like eBay have expanded entrepreneurial spirit by democratizing online selling. Millennials have taken this further by selling arts, crafts, and technical ideas online, turning them into viable businesses without high startup costs.

Another key difference is that millennials grew up with social media. They are naturally sociable, comfortable sharing thoughts, ideas, and opinions—an alien concept to older generations. In the past, new businesses spent a lot on secretive focus groups and surveys. Now, a quick Google search or a forum post provides all the feedback they need.

Three Reasons Millennials Make Great Entrepreneurs

1. Fresh Ideas in Traditional Sectors: Millennials can bring innovative ideas to traditional industries, keeping businesses ahead of the curve.

2. Embracing Technology: They confidently use technology, which is essential for low-cost, fast business growth.

3. Networking and Social Skills: They are comfortable networking and being social, which is crucial for successful business owners.

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