Referred to by Forbes as the ‘Millenepreneur’, this is the generation born between 1984 and 2001, but also viewed as the entitled and lack of career focus generation.
In 2016, John Lettieri of the Economic Innovation Group, testified before the U.S. Senate that millennials were on track to be the “least entrepreneurial generation” of the past 100 years.
There has also been research conducted that indicated that 24% of 24 – 34 year olds are afraid of failure, which is the biggest limitation to becoming an entrepreneur.
Considering the current statistic in South Africa that only 2,9% of businesses are able to survive past 3 years, the chances of failure are higher than most when you consider the decisions our generation will make.
Add a bit of government influence, white privilege and a weakening economy, a typical millennial’s idea of going to university, getting a bachelor’s degree in something, and then traveling the world whilst earning enough money to subsidize the ultimate goal of an experiential life, sounds exciting … doesn’t it?
However, not all millennials fit into this stereotype.
Some other more positive statistics about the millennial generation:
- The largest living generational group;
- Compared to other generations, they have the greater ratio of University degrees;
- And, disproportionate ratio of unemployment
Why does that make NOW the age of the Millenepreneur?
According to many economists we are either in or approaching the 4th Industrial Revolution. Further, a basic Google search (something most millennials are very good at), reveals that the 4th Industrial Revolution is defined as:
“The Fourth Industrial Revolution (4IR) is the fourth major industrial era since the initial Industrial Revolution of the 18th century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.”
Essentially that means that logical thinking is becoming less of a requirement and creative, intuitive and quick knowledge acquisition skills are beginning to become the expected. This is something millennials have become very good at due to the luxury of growing up during a time of exponential development and change in technology.
This also means that millennials are identifying new opportunities and finding creative solutions to current problems. Considering the dependency on technology, many of these solutions are based on innovative digital platforms that use complex algorithms to do normal logical processes which deliver quick and cost-effective results.
Many of these businesses are being bought by larger business who are incorporating those types of businesses into their product and/or service offering.
Hence, the age of the Millenepreneur.
How does a Millenepreneur overcome their fear of failure?
The disadvantage to being a millennial finding their way through the entrepreneurial landscape is that you generally lack the experience of starting, running, growing and potentially selling a business.
This experience includes aspects such as:
- Registering a company;
- Compiling a practical and effective strategy, including marketing and sales plans;
- Accessing funding and understanding funding;
- Compliancy, governance and business structuring;
- Scaling;
- Understanding business value
This is generally because millennials have been (as the stereotype would suggest) travelling and experiencing opportunities around the world. They have been working for a company and focusing on specific roles, expertise or surviving in their own businesses and learning these lessons the hard way.
One way to overcome this is to find either a mentor and/or advisor who will take a keen interest in your business as you would and share the knowledge they’ve learned. They can give you practical insight into building the foundations of a business that you can either decide to sell or manage at its greatest potential.
Optigrowth can be that connection you need.