As we noted in a prior post, according to the Pew Research Research Institute: “Millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates recently released by the U.S. Census Bureau. Millennials, whom we define as those ages 18-34 in 2015, now number 75.4 million, surpassing the 74.9 million Baby Boomers (ages 51-69). And Generation X (ages 35-50 in 2015) is projected to pass the Boomers in population by 2028.”
So, given the huge size of the Millennial generation, what are its prospects for producing successful entrepreneurs?
“Millennials may end up being the greatest entrepreneurial generation ever. Just think about it for a moment.”
“Digital natives have the upper hand in our tech centered world. The on-demand, plugged-in, Millennial generation is influenced differently than previous generations and molded by global happenings in real-time. Smartphones have provided improved tech resources over the last 10 years. Ready-made distribution platforms allow for quick tests of ideas, e.g., Etsy, Ebay, and Amazon. ‘Crowdfunding’ has enabled entrepreneurs to raise capital from online sources, rather than relying on traditional sources like banks to grow their business.”
“Independence is more important than a corner office. 67% of Millennials report their goals involve starting their own business. Only 13% report their career goal is to climb the corporate ladder to become CEO/president. Creative freedom is the key to real happiness. Since 1985, entrepreneurship classes on the university level have increased 20X, so educational exposure is at an all time high for Millennials.”
“Collaboration and coming together around great ideas rocks. Making a difference in the world is HUGE. 79% of Millennial employees who volunteered through a company-sponsored initiative felt they made a positive impact. 57% of Millennial employees want company-wide volunteer opportunities. There is purpose over profit.”