Whether you’re annoyed that they take selfies or that they would rather share what they have than own things, plenty of people knock Millennials, especially when it comes to work ethic. That may be more stereotype than truth.
That’s according to the recent Small Business Indicator report from Nationwide. Believe it or not, the report found that Millennial business owners are not only forward-focused in the market, but they’re also the most prepared when starting and owning a business.
Skepticism aside, you have to admit the poor work ethic stereotype really is an unfair blanket statement.
With the older end of the Millennial generation peaking out over age 30, Millennials are beginning to hit their peak earning years, with many of them transitioning from mid-level management to senior management. They didn’t do that by taking selfies.
For those Millennials that have started or are thinking about starting a business, that number is growing, too. Research by BNP Paribas and Scorpio Partnership showed that, of the 2,000 Millennial entrepreneurs they surveyed across the world, twice as many businesses have been launched by Millennials than Baby Boomers. Seems impossible, but then, the data shows that Boomers tended to launch their business at age 35 or after. Many more Millennials started their biz by age 27.
Boomers may chalk that up to leaning on Sir Isaac Newton’s quote, “If I have seen further, it is by standing upon the shoulders of giants.” Sure, and maybe that is true, as there are more resources available than in previous years.
But then, the research also shows that Millennials are forcing previous generations to rethink older business models.
Nationwide President and Chief Operating Officer of Property and Casualty Service Mark Berven told Forbes that Millennials embrace the idea of being prepared, and whether it’s natural disasters or cyberattacks, it has become part of how they think about business.
“Millennials have grown up in an era of deep economic uncertainty,” said Berven. “Many started their careers during the financial crisis, saw firsthand the devastating impacts of Hurricanes Katrina and Sandy and the chilling increase in cyberattacks.”
Nationwide’s survey reported that more Millennial business owners have a doomsday and recovery plan than previous generations. Cyberattacks are a larger concern, and it may just be because they understand technology a bit better.
What is clear is that we may need to shift focus from focusing on the number of Snaps Millennials are taking and remember that they’re no longer the generation living on college campuses. They are real business owners, and they’re aging — just like every generation. So, understanding their needs, desires, goals and motivations is important to businesses in the greater economy.