There are as many as 1.8 billion millennials worldwide but, more importantly, 50% of the global workforce is comprised of millennials. Many of these millennials are business owners. In order to understand why you need a clear idea about the mindset of a millennial.
They are unfairly portrayed as entitled, lazy, narcissistic and spoiled by the previous generations. The millennial generation is working hard to change wrong stereotypes about them into positive characteristics instead. They have been accused of disrupting many industries. It is true that millennials are changing many aspects of how an organization works, but the business practices they are promoting have created positive change.
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Who are Millennials Business Owners?
After the industrial revolution, an organization was viewed as a machine and its employees as cogs. Scientific management took the corporate world by storm. Now, the millennial generation is changing our approach to management. As millennials become business owners or ascend into top management positions in the biggest companies. They are focusing on becoming equally customer-centric and employee-centric operations.
They are encouraging internal and external change by becoming digital workplaces that value innovation, transparent architecture and a dynamic, flexible workforce. In a rapidly changing world, the millennial generation understands how important it is to adapt to new environments quickly.
Influential Millennial Entrepreneurs
Many millennial business owners and corporate leaders have become role models who are revolutionizing the way our lives work through Internet-based solutions. The innovative ways in which they have achieved their entrepreneurial aspirations have left the world in awe. The one essential quality they have in common is that all of them are Internet entrepreneurs.
Mark Zuckerberg founded Facebook, David Karp founded Tumblr, Ben Silbermann & Evan Sharp founded Pinterest, Adam D’Angelo founded Quora, Mike Krieger and Kevin Systrom founded Instagram, Brian Chesky founded Airbnb, Daniel Ek founded Spotify, Evan Spiegel and Bobby Murphy founded Snapchat, Matthew Mullenweg founded WordPress and Sean Rad founded Tinder. They have changed the way we talk, shop, work, travel and pay.
The Power of Social Media
The greatest achievement of these founders is how they collectively popularized social media. The most widespread of which has billions of users. Social media helps users expand our networks in ways that were not possible before. It helps users connect with the people they want to. Also, it helps them participate in things that are happening around the world. It helps them support causes they believe in. It can lead to new professional and personal relationships.
This allows users to share and receive information. One of the main reasons users join Facebook and Instagram is the curiosity to see what their family, friends, and coworkers are up to. No one has to visit or phone someone to know what is going on in people’s lives anyone.
Social media is also popular with users because of all the viral content that is on it, which is just fun to see and share. For those who like to learn about the world around them constantly. They have all the information they could want at their fingertips. Social networks also allow users to make money. A hobby can be turned into a passion project. Many users have created online businesses powered by social media that are quite successful now.
Social media also allows hobbyists to find a worldwide community of followers that love the same things as them. Creative people can easily share their art. The charitably inclined can make a difference by spreading a message about a cause they support at a pace that they would not have been able to before. All in all, Millennial business owners have really tapped into the power of the Internet. They have made it easier to use for future generations.
Millennials Have Changed Business Ownership
Millennials chose to start businesses instead of pursuing higher education once they figured out how to start a highly profitable business with little to no startup costs. To this day, millennial small business owners have trouble gaining financing because of the high-interest rates they have to pay or the collateral they have to offer. They have been burned by economic recession and heavy debt and so they are cautious.
While the big founders mentioned above created tech-based startups that became incredibly successful in a short amount of time. Regular millennial entrepreneurs would rather start practical businesses, getting into mainstream industries such as construction, auto repair, dry cleaning, coffee shops, hair salons, small convenience stores around the block and more. Millennials are prepared to run any type of business.
There are more female millennial entrepreneurs than any previous generation had. Millennials who choose to get into middle-market businesses rather than the main street ones mentioned above. Rely on their innovativeness and creativity, coming up with out-of-the-box solutions to old problems. Millennial business owners are also better bosses. They are likely to offer more pay and benefits.
They create great work environments. Strong company cultures are one of the main reasons many talented millennials join another’s company rather than starting their own. Moreover, millennial business owners also often do not see the point of traditional 9 AM to 5 PM work hours. Flexible work hours also attract talented job seekers.
In conclusion, millennials grew up watching highly successful and incredibly rich entrepreneurs like Steve Jobs and Elon Musk and this has given them aspirations to entrepreneurial success. But many of them don’t have the money or experience to start businesses; they still have the passion. Because of this, millennials who do actually start successful businesses can end up creating such innovative enterprises that they disrupt entire industries.