OPPORTUNITY
Millennials Are the Entrepreneurs of the Future by Rich LeBrun, Consultant, The Franchise Consulting Company Millennials, those born between 1981 and 1996, are redefining small business entrepreneurship now, and will continue to do so well into the future. Dubbed the “most entrepreneurial” generation in history, studies show millennials will comprise 75% of the global workforce by 2025. According to a study by Wells Fargo Works for Small Business, 80% of millennial business owners are in it for the long haul, 67% are willing to take financial risks in order to grow, and 77% are optimistic about the future. NorthStar Research for the Small Business Majority found that millennials are taking an entrepreneurial role in businesses such as technology, retail, e-commerce and investment management. However, “millennials don’t want to be managed, they like to be led, coached and mentored,” entrepreneur Farshad Asi said. “This generation is on fire and ready to go.” The International Franchise Association has recognized the potential of millennials and launched NextGen in Franchising, a program which offers future “franchise ambassadors” with networking opportunities, constructive feedback and a closer look into how the franchise process works, according to the IFA website. So, what makes millennials ripe for the entrepreneurial picking, so to speak? Several factors. Forbes said millennials are flexible, embrace the unexpected and enjoy
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FEBRUARY 2020 | WWW.FRANCHISEJOURNAL.COM
