Why Millennials Are Better Entrepreneurs Than Their Parents
What do you get when you mix a millennial with an entrepreneur? According to a recent report, the "millennipreneur" is an exciting, new generation of savvy, young and creative business owners that are blowing their parents out of the water. How do they do it? How can they inspire you? Let's find out.
They're investing in the best.
This group saw an impressive investment increase in 12% over the last year, concentrating a large chunk of investments abroad. They also diversify their investments -- averaging 20% of investments in their own business and 17% in real estate.
They're starting young.
According to the report, the average age that this group considered starting their business was 29.4 years old and actually started a business at 31.1 years old. When it comes to making money, why wait? Compared to Baby Boomers, this generation is starting much earlier and have launched almost twice as many businesses.
If at first they don't succeed…
The Millennial attitude is different from that of its predecessors. These young business owners know that they'll have to try a bunch of different strategies before succeeding. They are resilient to failure and bounce back in order to attack a problem from a different angle.
They're technologically advanced.
These days, technology is a huge sector to take advantage of. With apps and other online services being vital to the modern consumer, young people have new opportunities to turn virtual success into physical dollars. They're skilled in coding and other web development techniques that contribute to their DIY sensibility.
They work together.
Millennial entrepreneurs thrive on collaboration and a model of constructive feedback. No one works in a bubble, but everyone's skills can be pooled to create the best product or service. Older generations have been known to be territorial about their ideas. But with open floor plans and a mixture of virtual and physical communication, Millennials are able to succeed even remotely.