Concerns about an impending economic slowdown are a worry for most businesses. But young millennials are unfazed as they appear optimistic about the future, according to a new survey.
The global study by software company Sage shows young millennials are driven by a desire for independence, a belief in social good and a commitment to employee happiness.
Their results are based on a survey that included 7,400 millennial entrepreneurs from 16 countries across the world.
Insights into the Millennial Mind
The survey reveals about 65 percent of millennials believe they will start more than one business during their lifetime. It also shows millennials can’t wait to get started, as 34 percent say they want to make their businesses huge and become famous within the next five years.
Kriti Sharma, Director of Product Management, Mobile at Sage explains, “As a millennial entrepreneur myself I know first-hand that this business group are shaking things up. We’re rejecting established patterns of working and making technology work for us. We see business through a new lens. We’re willing to work hard, but want flexibility in how, when and with whom we do business.”
Another key finding of the study is that 66 percent of respondents prioritize life over work and the vast majority sacrifice profits for their own values and ethics.
Five Workplace Personality Types of the Millennial Entrepreneur
Apart from giving insight into how millennials view entrepreneurship, the study presents five distinct millennial profiles based on behaviors.
Five workplace personality types identified include:
The Principled Planners who are extremely methodical in their approach to work. They enjoy carefully planning for success.
The Driven Techies who love their work and can’t bear the thought of sitting around twiddling their thumbs.
The Instinctive Explorers who are not afraid to explore uncharted territory. They trust their gut instincts and stick to their guns.
The Real Worlders who are more likely to rely on technology to succeed.
The Thrill-Seekers who are easily bored. They always look for the next challenge and do not care about appearances.
“Millennial entrepreneurs have a huge role to play in the start-up economy and are shaping the modern workplace at great pace,” explains Stephen Kelly, Sage CEO.
“But they can’t be grouped together as a homogenous stereotype. Our research shows that they fall into distinct camps with specific hopes, fears, concerns and ways of working. They will be our next generation of business builders, the heroes of the economy, and understanding what makes them tick now stands us all in good stead for the future. That’s true of the people that want to do business with them, buy from them, hire them or create policy that helps them to grow.”
UK-based Sage Software is the world’s third-largest supplier of enterprise resource planning software and the largest supplier to small businesses.
Millennial Businessperson Photo via Shutterstock
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So it is no longer about millenials as buyers. They are also very independent and would love to achieve things on their own – thus, having a really powerful entrepreneurial spirit.