The millennial generation has started to change entrepreneurship in America. Entrepreneurship is no longer just for professionals with innovative new startup ideas. It has become a lifestyle choice that anyone can participate in, whether starting their own business or working for themselves within an existing company. There are many reasons why millennials have changed the way we think about entrepreneurship and what it means to be an entrepreneur – here are just a few of them!
1) Millennials Are More Creative
There is a stereotype that millennials are lazy and unambitious. Initially, the millennial generation did have high unemployment rates compared to other generations. They were not taking risks starting their businesses or quitting their jobs to work for themselves as prior generations had done. However, this was because many millennials found it challenging to find full-time employment in the first place, and many ended up working several part-time jobs. As more and more millennials become entrepreneurs, they are proving to be an incredibly creative generation with innovative ideas.
2) Millennials Want Work-Life Balance
This is a massive change from the previous generation. Millennials have realized that if they want to live balanced lives, their careers need to accommodate this. They do not just work for the sake of working and earning money – instead, they value how much time off they get each year and what kind of life they get to live outside of work.
3) Millennials Are Unafraid of Failure
Millennials have grown up in a time when failure is common, and it isn’t seen as the end of the world. They do not associate entrepreneurship with success or security but instead view business ventures as opportunities to learn from their mistakes, improve themselves and try again by taking even more significant risks next time. This is a big change from the previous generation, who were more risk-averse and less likely to take risks. This has resulted in millennials being far more creative with their business ideas as they are not afraid to fail.
4) Millennials Are More Collaborative
Previous generations often had a “dog-eat-dog” mentality when it came to the workplace. Millennials have brought an entirely new way of thinking about collaboration and teamwork, which has enabled businesses to operate more efficiently than ever before. Even though many millennials are now working for themselves rather than in large corporations, they still prefer to work in a more collaborative environment with their peers, especially in entrepreneurial ventures.
5) Millennials Care More About Creating a Positive Impact
Millennials are driven by more than just money – they want their work to have meaning and create social impact. Entrepreneurship has become an avenue through which millennials can find fulfilling careers that enable them to make positive changes in the world around them, rather than simply working for someone else’s business where they feel like they won’t make a difference. Millennials are now changing entrepreneurship as we know it and becoming more socially aware of the impact their work can have on others – this is why millennials are changing entrepreneurship in America.
6) Millennials Are More Educated
Millennials are more educated than any other generation that has come before them. As a result of the recession, millennials have had to be smarter with their money. Therefore many of them went back into education to find better jobs after being laid off from previous positions. Millennials value continuous learning as it gives them opportunities to develop new skills and think creatively about improving their businesses.
7) Millennials Are More Open to Globalization
Millennials have grown up in a world with far fewer boundaries than any generation before them, which has enabled many to think globally from the beginning. Millennials are now changing entrepreneurship as we know it by being open to new opportunities that can help their business expand internationally rather than limiting themselves – they aren’t afraid of taking on new challenges and learning from them.