Terry Powell is the Visionary Founder of The Entrepreneur's Source, North America’s leading Career Ownership Coaching franchise.
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Millennials are abandoning corporate America in droves and charting a new course to find flexible schedules, financial freedom and job security.
Business ownership is helping Millennials achieve the American dream. Thirty percent of Millennials have a small business or “side hustle” and entrepreneurship is the goal for 56%, according to a GoDaddy survey. The survey, which was conducted shortly before the outbreak of the pandemic in 2020, gathered input from 1,000 Americans from Gen X, 1,000 Baby Boomers and 1,000 Millennials.
Millennials, who are defined as people ages 28 to 42 in 2022, make up the largest generation in the United States, with approximately 76 million people in North America, the World Economic Forum reported. The Millennial generation is achievement-oriented, family-focused and tech-savvy. They are the first generation to grow up with information at their fingertips and social media woven into the fabric of their daily lives.
Millennials are smart. They are the most educated generation in history, with 39% sporting a college degree. Millennials are also resilient. In just two decades, this generation weathered 9/11, the Great Recession, a war in Afghanistan, turbulent political strife and a global pandemic.
Early on in their careers, Millennials had the reputation of job-hopping and displaying a sense of entitlement, but these characteristics are turning into their biggest attributes. Millennials are unwilling to sacrifice their career aspirations for a bi-monthly paycheck and unwilling to live in fear as they await the next round of job cuts.
Unlike generations before them, higher pay is not their primary goal. Millennials tend to covet “nonwage incentives,” including benefits, flexible workplaces and career advancement opportunities. A recent survey revealed at least 35% of Millennials are even willing to take a pay cut to work for a socially responsible company.
The outbreak of the pandemic sparked an increase in entrepreneurship across the board. New business applications are surging and the number of new small businesses continues to rise as the pandemic wanes. The United States was projected to add 31,287 new businesses in January, up 4.1% from the prior-year period.
At my company, we are seeing an uptick in the number of 28- to 41-year-old individuals seeking career ownership coaching and a rise in the number of young people pursuing business ownership through franchising.
Franchising provides an excellent middle ground for people who want to take charge of their careers and discover self-sufficiency. Investing in a franchise gives business owners the opportunity to lead a recognized brand with a track record of success.
Many people want to own a small business, but they often aren’t willing to take the risk or do not have a fresh idea to develop. Franchising can help people become business owners with the training and support they need to minimize risk and generate profits. The number of people ages 25-40 pursuing franchising is outpacing other generations. Recent statistics indicate the number of Millennials making franchise inquiries inched past Baby Boomers for the first time, according to a report from Franchise Insights.
Millennials Excel As Entrepreneurs
Millennials are thriving as entrepreneurs. Many of the hallmarks of their generation make them excellent entrepreneurs. In my experience, these millennial traits, which older generations deride, are helping them thrive as business owners:
1. Focus On Technology
When Millennials envision their best life, it typically doesn’t involve working a nine-to-five job. Advances in technology are allowing Millennials to create a future where they are the pioneers of the new millennium.
Technology allows millennium-minded Millennials to create flexible workplaces. It’s also adding fuel to the gig economy, where people are turning side hustles into small business ownership. Having 24/7 access to work may make it difficult to unplug, but remote work trends give Millennials more time to devote to family responsibilities and personal hobbies.
Business owners can set their own schedules to discover work-life balance. If you are on the job hunt, take a look at franchising opportunities. The franchise industry offers a wide array of options in a variety of industries. Low investment opportunities are a great place to start for Millennials interested in owning a business.
2. Sense Of Entitlement
Millennials were raised by Baby Boomer parents who piled on the praise. As the first generation to receive participation trophies, they are typically portrayed as being coddled, but this sense of entitlement is a force for entrepreneurship.
Being unwilling to accept the status quo and refusing to let their corporate career leave them feeling battered and bruised is compelling Millennials to discover a new path and take ownership of their future. Career ownership coaching can help you learn more about franchising and business ownership to determine if you want to open a business or keep climbing the corporate ladder.
3. Motivated By Fear
Coming of age during a recession was challenging for Millennials. Many of them fear being down-sized, right-sized or let go at their corporate jobs. As a result, Millennials are willing to take risks to achieve financial freedom. The outbreak of Covid-19 reaffirmed the lack of confidence Millennials have in their employers as many of them were furloughed during the early days of the pandemic. If fear has you leery of putting all your eggs in one basket, harness your motivation and explore the possibility of franchising to achieve your goals.
As income inequality continues to grow and more hardworking Americans find themselves lacking job security or working in roles that do not match their skill set, the Millennial generation gives me hope for a future where the number of people achieving the American dream through entrepreneurship continues to grow.
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