According to a recent study and article published by OpenForum.com, millennials may, in fact, be better as small business owners than other generations. Entrepreneurs under the age of 30 years old are reportedly seeing more growth in their businesses than any other age group, according to the fifth annual DNA of an Entrepreneur report by Hiscox, a global specialist insurer serving the small – business community.
According to the report, millennials were more likely to report growth in their businesses over the past year and were also more optimistic than other generations. This increase in growth and optimism are reportedly due to the following factors:
1) They Are Innovative
Millennials are more open to, and take more risks with, new innovation. This includes their being leaders in the development of new and more innovative products that will shape the future and not being afraid of taking risks. “Their small business cultures reflect the fact that they are happy to abandon the status quo if it’s not working, and are always looking to discover the next big idea.”
2) They Are Free To Work Hard
Millennials have more freedom to being workaholics. Younger business owners can “afford” the stressors that come along with being a business owner as many of them still live at home with their parents and are not bogged down yet with families of their own or aging parents to take care of. Though millennial business may not see any benefits to starting their days at 9:00 am, they may still be working at 9:00 pm, which many business owners with added responsibilities typically try to avoid.
3) They Are Flexible
Millennials desire more control and flexibility over their work schedule. This report states that the most common benefits noted by entrepreneurs were flexibility over their work hours, being able to influence the direction of their business and also exuding greater pride and greater feelings of control over the work they produce. Millennials, more than any other generation, have a very low tolerance for corporate bureaucracy and they detest the feeling of helplessness that most times comes with the “traditional” business work life. Their strong dislike for these attributes directs them to becoming more successful on their own terms.
4) They Understand The Benefits Of Social Media
Millenials utilize more open forums of communication with clients, customers and fellow business owners. The onslaught of social media has definitely had a positive affect for younger business owners. 65% of small business owners under 30 years of age use social media to keep in touch with customers, versus only 36% of those 60 years of age or older. Millennials also utilize the leverage they have over social media for prospecting new clients and internally communicating (the good and the bad) with co-workers, partners and stakeholders. “This means that Gen Y knows about and takes steps to solve problems before they reach the critical stage.”
Rashida Maples, Esq. is Founder and Managing Partner of J. Maples & Associates (www.jmaplesandassociates.com). She has practiced Entertainment, Real Estate and Small Business Law for 9 years, handling both transactional and litigation matters. Her clients include R&B Artists Bilal and Olivia, NFL Superstar Ray Lewis, Fashion Powerhouse Harlem’s Fashion Row and Hirschfeld Properties, LLC.