Millennials aim for flexibility, a balanced life, and control over their own destiny. Coupled with their exceptional tech skills and passion for social impact, it’s clear why they now outnumber Baby Boomers in the entrepreneurial space. What makes this new generation of “Youngpreneurs” so effective?
Creative, tech-savvy, and socially responsible, Millennials offer much more than their sometimes criticized reputation suggests. Often accused of having a poor work ethic and sarcastically labeled “Generation Me, Me, Me” by Time Magazine, a deeper look reveals that young Australians are actually leading the way in business success.
Is the negative media portrayal a case of professional jealousy or a fear of change? After all, they are our most entrepreneurial generation yet.
Millennials strive for flexibility, a balanced life, and control over their own destiny. They want to maintain independence and control over their careers. Rejecting traditional corporate jobs, they prefer to work their own hours and be their own bosses.
Meet the ‘Youngpreneur,’ a new breed of Entrepreneur.
Entrepreneurs are not afraid to try new things. Driven by passion, they bring ideas to life, take risks, create jobs, and take the initiative to build something from scratch. Millennials make ideal entrepreneurs because they are less motivated by financial goals. Unlike previous generations, their genuine purpose translates into business success.
This drive may come from a comfortable life where finances haven’t been a major stress. However, many young entrepreneurs are immigrants or refugees driven by a desire for change and impact, rather than just making money. Youngpreneurs want to leave a legacy.
Youngpreneurs prioritize work–life balance, which some view as laziness, but it has led to significant improvements in productivity, efficiency, customer service, and revenue. Millennials also show that higher education isn’t necessary to become a successful small business owner.
As digital natives, Millennials have grown up with the internet, digital systems, and social media, knowing how to leverage technology to their advantage. They adapt quickly and learn new skills easily. According to MYOB’s Business Monitor report, “More than 22% of Millennial businesses have a website and social media presence, versus just 17% of businesses owned by Generation X and 11% of Baby Boomers.” They use devices to manage all aspects of their business, staying connected to work at all times. This balanced lifestyle prevents burnout and keeps them enthusiastic and energized.
Of course, entrepreneurship can still lead to burnout, even for Millennials. However, they are more open to seeking psychological help or advice from mentors. Many mentors find they learn just as much from their mentees, which is true for all generations.
Our BlueRock entrepreneurial community is incredibly diverse, with founders and business owners of all ages and backgrounds. Many of our staff also run their own businesses on the side.
We understand the challenges of being an entrepreneur, as well as the rewards, successes, and contributions. We share your excitement and would love to help you grow through our innovative, tech-based approach to entrepreneurship.
No matter the size of your business, we support the Youngpreneur community and can help you succeed with the right advice.
