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 the journey. They are willing to step outside the “industry bubble” to gather useful information. Millennials take initiative without asking for permission but relish the guidance and advice of a mentor.

ACCORDING TO A STUDY BY WELLS FARGO WORKS FOR 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.

Millennials know social media, a key aspect of most marketing and branding.

Finally, unlike baby boomers, Millennials know how to unplug and refocus, and realize the importance of spending time with friends and family. You can’t ask for a better set of attributes than that.

ABOUT THE AUTHOR

Rich LeBrun has 30 years as a senior executive working with small to medium size companies helping them with strategic planning, executive coaching and leadership training. rich@ thefranchiseconsultingcompany.com