The BizFilings blog covering business tips and trends.
Gen-Y Entrepreneurs: An Overview
Published on Mar 9, 2011
Read 'Gen-Y Entrepreneurs: An Overview' at 'Time to Start Up,' the small business blog by BizFilings.
Last January, holding company Employers Holdings released a survey finding 46 percent of Millennials - individuals aged 18 to 25 - plan to start a business within the next five years, while an additional 8 percent claim to have already started a business.
This report, along with a number of others, have prompted many analysts to take a look at the entrepreneurial drive of Generation Y. While the rate of startups among this age group is certainly impressive, most agree that it is their social or humanitarian drive that sets them apart from their predecessors.
"Back in the 60s and 70s many college students took to the streets to protest," writes Rieva Lesonsky for AllBusinss.com. "This generation is still taking it to the streets, but they're hyper-focused on creating social change."
Whether such change comes in the form of the growing social entrepreneurship movement or through philanthropic initiatives, Millennials represent one of the most driven generations in quite some time.
However, the age group is not without its critics, as many argue they are largely self-entitled, disloyal and lack focus as a result of their technological upbringings. However, in the right light, these critiques can be viewed as advantages, as today's technology-infused world needs multi-taskers, while entrepreneurship, almost by definition, requires a sense of independence and ambition.
Are you a Millennial who has started, or is thinking about starting your own business? We'd love to hear your story.