Gen Y is taking the entrepreneurial plunge like no generation before

Gen Y light bulbThe Millennial generation is now opening businesses at a faster rate than Gen X and Boomers. The Boston Globe reports that 30-40 percent of new graduates from top colleges are forgoing the interview process in favor of the startup process. Other research shows at least 50 percent of all Millennials count working for themselves as one of their goals. 

I predict the majority of these new businesses will succeed. The odd quirks their generation brings to the workplace that are driving their corporate bosses crazy are the same traits that will help them be successful as entrepreneurs. Most important among those traits is their expectation that they are qualified to lead, starting now. At Tribe, we often joke about Millennial job applicants expecting their entry-level CEO position, but if they’re launching their own companies, they’ll need that level of confidence and belief in their abilities. Millennials also tend to chafe at being judged by their experience instead of their ability to do the job. That’s also a valuable trait for a business owner, because starting a company from thin air requires you to demonstrate that ability.

Gen Y defines leadership differently than previous generations. While those of us who came before have been eager to work our way up to the big office and matching title, Millennials don’t find much meaning there. They are highly social creatures, and tend to see leadership in terms of their team’s success, rather than individual performance. In Tribe’s research with Gen Y employees, 76  percent agreed with the statement that leadership means “inspiring others to do their best,” and 63  percent agreed that it means “helping to develop other members of the team.

Here are the booby traps Millennials will need to watch for. While Gen X kids grew up with relative independence (think latchkey kids), Millennials are the generation that grew up with helmets on. Their parents were highly protective and highly involved in their lives.  That’s made some Millienials  uncomfortable with risk, not to mention failure, and a little less able to be self directed than older generations.

This is what I would recommend for any Millennial contemplating a startup:

1. Create an informal group of trusted advisors. Look for people you could turn to when stuck on direction or a decision, people who you feel hold some wisdom. Your parents might be among that group, along with former professors, friends of the family or chance business acquaintances. 

2. Associate the risk of business with some physical risk you enjoy. When I started my first company, I took up rock climbing. It served as a valuable metaphor for me, and gave me the physical experience of taking a risk and succeeding. When you’re stuck almost at the top of a climbing wall, and you can’t figure out anything you can do next, you reach for a distant crag anyway and sometimes that works. If  it doesn’t, it’s not the end of the world.

3. Develop perseverance. Millennials are used to things happening immediately, whether it’s popcorn popping in a microwave or an email moving instantly across the world. Remind yourself that some larger tasks, like launching a business, are more of a marathon than a sprint. Guard yourself against expectations of overnight success, and foster a willingness to plug away at it day after day after day. 

 

Advertisements

4 responses to “Gen Y is taking the entrepreneurial plunge like no generation before

  1. This post pretty much sums up my last 4 years. Spot on.

    Only difference is that I don’t have a dangerous physical metaphor, unfortunately. I drive wrecklessly, though.

  2. Pingback: Gen Y is taking the entrepreneurial plunge

  3. This post couldn’t have hit more closer to home with me. I started a business while in college. Left school took a job, and it didn’t work out the way I would have imagined due to a lot of what you were stating above. I am in the process of launching a new company called Precious Time of New York, inc. and We recently launched our blog called The Campus Socialite. http://www.TheCampusSocialite.com

    Our readers would love this post and I will definitely share it with them!

  4. Pingback: Lessons I Learned Today 7/1/09 –Seeing the Forest Beyond the Trees « Applied Entrepreneurship

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s