Millennial entrepreneur statistics show us there is a new cohort of entrepreneurs that has checked into town, set up camp and yes, they are here to take over and stay.
They are aged between 20 to 35 years old, and they are starting more companies, raking in bigger profits compared to their baby boomer counterpart in the past. They are the Millennipreneurs.
Millennial entrepreneur statistics
Puts the average age of Millennial entrepreneurs setting up and running their own businesses at as early as 27 years compared to baby boomers that set up most of their first businesses at the age of 35 years. This is according to a report released by BNP Paribas Global in 2016, which found that while baby boomers were opening three to four companies, millennials are doing twice as much, opening nearly eight companies.
But why are millennials doing so well, you might ask compared to their boomers counterparts?
For one, the survey suggests that they are not afraid to take the bull by the horn. As a result, Millennipreneurs are targeting larger gross profit margins of almost 75% compared to 42% that their counterpart boomers made at the start of their businesses.
Bentley’s Director of Entrepreneurial Studies program, Fred Tuffile, notes that millennials are keen to chart their own lanes. Probably because they because they have watched their own parents or relatives sit in cubicles for years or worse still get fired without much to start from again, and they conclude there must be a better way.
Today it is also easier to create businesses more than before, as the playing fields are being levelled. If you have what it takes you can launch into entrepreneurship and sail. The fear of failure is not as real as it was during the baby boomers era. Millennials are definitely more open to failures, with phrases like ‘if you fail, you get back up, dust yourself and start all over again’ having been ingrained in them all their lives.
Of course we dare say education has a big role to play in this change of perception. Millennial entrepreneur statistics show that the number of entrepreneurship classes on college campuses has increased by 20% since 1985. Thus they are better equipped with more information.
To top it all, today people and business are more accepting of the fact that a person can be a CEO at 27 and have a staff 120 people. If baby boomers dreamed of the prestige and benefits that come with a corner office, the dream of the millennipreneurs is certainly different. Almost two-thirds of respondents (67%) from the Bentley survey declared they want to start their own businesses, compared to a paltry 13% whose career goals were climbing the corporate ladder to become a CEO or president of a fortune company one day.
While some might still be wary of this new wave of millennipreneurs, millennial entrepreneur statistics continually show that the millennial generation is just a sitting volcano of entrepreneurship that is bound to erupt any minute.
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