Tax planning Strategies for Individuals

Youngpreneurs – the Millennial Entrepreneurs Taking the Business World by Storm

3 min read
Millennials are driven to achieve flexibility, a balanced life and to be masters of their own destiny. Add to that an incredible level of tech-savviness and a passion for social impact, and it becomes obvious why Millenials now outnumber Baby Boomers in the entrepreneurial pool. So, what makes this new generation of 'Youngpreneurs' so effective at what they do?

Creative, tech-savvy and with a strong sense of social responsibility, Millennials offer more than their much-maligned reputation sometimes implies. Constantly slammed for their poor work ethic and sarcastically labelled “ Generation Me, Me, Me ” by Time Magazine, if we dig a little deeper, you’ll discover that Australia’s younger generations are actually leading the way when it comes to success in business.

Is the media negativity just a case of professional jealousy...or a fear of change? After all, they are our most entrepreneurial generation yet.

Millennials are driven to achieve flexibility, a balanced life and to be masters of their own destiny. They want to maintain control of their independence and command of their careers. This generation is not prepared to waste their time achieving someone else’s goals and are rejecting the traditional corporate jobs; they want to work their own hours and be their own bosses.

Meet the ‘Youngpreneur’, a new breed of entrepreneur.

Entrepreneurs aren’t afraid to try new things. They are people who are driven by passion, give life to ideas, are prepared to take risks, generate employment and take the initiative to create something from scratch. Millennials make the perfect entrepreneurs because they are less likely to be driven by financial goals. They don’t have the same work-centric values of previous generations and this means their genuine purpose translates into business success.

Perhaps this comes from a place of comfort, a life where finances haven’t been a stress. But when you talk to a range of young entrepreneurs you’ll find that many are immigrants or refugees and are driven not by a need to make money (although this certainly sweetens the deal) but by a desire for change, for impact. Youngpreneurs want to leave a legacy.

The Youngpreneur prioritises work–life balance and, while some consider this commitment to life outside the office as lazy, it has seen young business owners drive vast improvements in productivity, efficiency, customer service and revenue. Millennials also demonstrate that higher education isn’t a prerequisite to becoming a successful small business owner.

This generation are digital natives. They have grown up with the internet, digital systems and social media and they know how to leverage technology to their advantage. Millennials adapt quickly and learn new skills easily. According to MYOB’s Business Monitor report , “More than 22% of Millennial businesses have a website and social media presence, versus just 17% of businesses owned by Generation X and 11% of Baby Boomers”.They are using devices to manage every aspect of their business; they are able to live their life and stay connected to work at all times. Maintaining a balanced lifestyle means they aren’t burnt out by their work; they remain enthusiastic and energised.

Of course, entrepreneurship does often lead to burnout, even for the younger generation. But Millennials are more open to seeking psychological help, or advice from mentors who have been there, done that. Many mentors say they learn just as much from their mentees as the reverse, which is true of all generations.

Our BlueRock entrepreneurial community is incredibly diverse. We see founders and business owners of all ages and backgrounds, and many of our staff own and run their own businesses on the side.

We understand the challenges of being an entrepreneur; but also the rewards, successes and contributions. We share your excitement and would love to help set you up for growth through our multidisciplinary, innovative and tech-based approach to entrepreneurship.

No matter how big or small your business is, we support the Youngpreneur community and with the right advice we can help you succeed.

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