Trends in Franchising
3 “Bad” Millennial Traits That The Entrepreneur’s Source Reviews as Good for Entrepreneurship
In today’s news cycle, Millennials, or those individuals who were born between 1981 and late 2000, get a lot of criticism for common characteristics that encompass them as a group. The New York Times cites that they’ve been called, “narcissistic, lazy, and indecisive. Millennials have been labeled the boomerang generation for the many unable or unwilling to leave their parents’ home, or even more negatively, the Peter Pan generation because they supposedly won’t grow up.”
Not all of these criticisms are true or even merited, but even if they were, many of these “undesirable” qualities make the Millennial generation a great fit for the entrepreneurial world. In fact, many Millennials are recognizing that the business world is a great fit for them. A recent study by Millennial branding and Internships.com found that 72 percent of the high school students and 62 percent of the college students have hopes to start their own business one day. What may be even more surprising is that of the students studied, 61 percent of the high school students and 43 percent of the college students strive to be an entrepreneur over an employee directly after they graduate from college.
Three “Bad” Millennial Traits That Are Good for Entrepreneurship
Because of this paradigm career shift toward entrepreneurship in the sometimes misunderstood Millennial generation, The Entrepreneur’s Source franchise will examine three commonly negative traits associated with Millennials and why they may be a strong fit for entrepreneurship.
1. Desire for a Luxurious Lifestyle
Many Millennials have a dream of becoming rich and famous and living an affluent lifestyle. A lot of this can be attributed to the boom of celebrity tabloid magazine and the newer reality TV obsession. But why is having desired Income, Lifestyle, Wealth or Equity (I.L.W.E.) Goals such a bad thing? No, most entrepreneurs don’t become famous, but many entrepreneurs live a very comfortable lifestyle.
This desire of luxury can give Millennials a healthy dose of ambition, giving them the drive to work hard until their desired lifestyle is achieved. In terms of entrepreneurship, this drive is necessary to ultimately reach your vision and dream, and Millennials tendency to crave a luxurious lifestyle isn’t a hindrance, but rather a motivation to work harder.
When Millennials know what they want, they want it now or maybe even yesterday. At first thought this may seem like a negative quality, but in terms of entrepreneurship, this can help propel a business owner forward. Millennials want success now, so climbing the corporate ladder, which can take years to get promoted into a leadership position, isn’t always attractive to this generation.
Instead of wasting valuable time in a corporate 9-5 job, Millennials are more likely to pursue an exciting new business venture to find career gratification faster. This sense of restlessness can act as a motivator for a Millennials to invest in a new business or franchise and become their own boss.
3. Technological Reliance
A common criticism of the Millennial generation is that they are always plugged in. But think about it this way; Millennials were the first generation to have grown up with cable TV, the Internet and cell phones. Their familiarity with technology is basically in their DNA.
What’s even more astounding is their social media presence, and in terms of entrepreneurial networking, social networking can be a goldmine. A whopping 89 percent of Millennials use social media sites, and whether they’re letting their Twitter followers know what’s on their mind, posting an interesting news article to their Facebook feed or updating their connections with what they’re doing professionally on LinkedIn, this can be beneficial in an entrepreneurial sense. Having the social network and the first-nature ability to inform a large audience about a new product or service can do wonders for a new business. The best entrepreneurs are savvy networkers, and this familiarity with technology and social networks can greatly benefit Millennial entrepreneurs.
Entrepreneurship is a viable career path for many age groups and generations, but business ownership shows specific promise for Millennials. A luxurious lifestyle, sense of impatience and an expertise with technology are oftentimes are looked at as negative characteristics, but when translated to entrepreneurship they can be strengths.
Contact a coach at The Entrepreneur’s Source Today!
Are you a Millennial that’s interested in franchise business ownership? Contact an alternative career coach at The Entrepreneur’s Source today to help you take your first steps in turning your entrepreneurial dreams into a reality https://www.entrepreneurssource.com/contact.html.