No generation of employees has mystified business owners as much as the Millennials (or Gen Y). We’ve published numerous articles on how to engage them, how to retain them and, more than once, advised you not to fear them. What about how to compete with them?
New research suggests that Millennials are eager to graduate from being small business employees to owners. A study released by Intuit found that this age group is twice as likely as other groups to start a business in the next year—a statistic of some import considering the Millennials will comprise 75% of the labour force by 2028.
The desire to start a business seems to have great appeal to young people in general. A recent survey conducted by BMO found that university or college students—the generation just behind Gen Y—are just as keen be to entrepreneurs. Almost half of those surveyed (46%) said they would like to start a business after graduation.
Here are a few insights into what’s driving these would-be entrepreneurs:
Almost one quarter of aspiring Millennial business owners cite being able to work for themselves as a reason for becoming an entrepreneur. Other reasons include: pursuing their passion (21%), financial success (14%), the dream of building something (13%) and increased flexibility (10%).
Almost half of Millennials would run a business from their home. Other business locations for Millennials include:¨primarily online (28%) and storefront (19%).
Just over half of aspiring Millennial entrepreneurs have a role model in their immediate family: 41% talked about entrepreneurship with their families growing up.
When it comes to the biggest risk in becoming an entrepreneur, aspiring Millennial business owners are most likely (61%) to worry about financial risk as opposed to personal (17%) or career (22%) risk.
The survey was conducted in September 2013 by Angus Reid.
What do you think? Will Millenials be a generation of entrepreneurs?