Millennials want to be entrepreneurs. (Also known as Generation Y).
You will find a link to this study plus slide share at the end of this article.
If you want to have loyal and motivated team members in the future, you must understand the needs of this generation.
1965–1976 „Generation X“
1977–1998 „Generation Y“
1999–…… „Generation Z“
75% of the population will be Millennials by 2025 .
Compared to Baby-Boomers they will become the biggest group ever. While former generations worked for a corporate career, Millennials have other things in mind.
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Only 13% aim for corporate career.
While 67% said that they prefer to start a business on their own.
„Millennials see chaos, mistrust of management, contracts being broken and negative news about businesses. They also have seen family member and relatives losing their jobs or how they sit around in a small little office and say to themselves ‘There must be better possibilities’, says Fred Tufflie, Director of Bentley Entrepreneurial Studies.
It’s easier than ever to start your own business. All the infrastructure of a cooperation has been „uploaded to the cloud“ for solo entrepreneurs to use.
Millennials say: „Starting an own business, even if it fails, will teach them more in two years than sitting in a small office for 20 years.“
They also know, that chances to create a new „Facebook“ are low, they still believe it’s easy to create a start-up.
37% said they want to work on their own. This implements that millennials prefer their own creative work life, than managing others.
Flexibility – no 9-to-5
Companies offering flexibility to employees will find benefits.
77% are saying, that flexible working hours are key to productivity.
39% believe that a remote work place will result in higher productivity.
89% respond to business e-mails after official working hours.
Personal Communication Is Best
This might be astonishing as this generation is also know as the texting generation.
51% prefer to be informed personally — face-to-face.
19% want email communication.
14% prefer a text message.
What Companies Can Learn
What is the take away from this study for companies and managers? Today one out of three employees is a Millennial. In the year 2025 this number will rise to 75%.
This study surveyed 1,031 millennial between the age of 18 and 34. Understanding the needs of this generation, will be rewarded in higher productivity. This generation has a high work ethic and one big benefit. They think like entrepreneurs — a skill, more than needed in management.
This Generation has high values and a high work ethic. Be prepared for this great Generation.
Learn to understand how this generation thinks and chances are high to create powerful teams in the future.
Link to Study by Bentley University + Slide Share included.