Millennials have been given a bad rap over their participation in the job market. Now that this generation are in their 20s and 30s we know what they really want from their careers.
They care about social responsibility and they prioritize results over time worked but, most importantly, this is the generation of the ‘side hustle’.
Millennials want to start their own business and be in control of their fate, but this is expensive and very risky.
The answer? Starting businesses while still getting a pay check so that there is some wriggle room.
This doesn’t mean that their full-time jobs are suffering. Millennials are just working harder.
Millennials want flexibility and, more important than their salary, they want a good work vs life balance. Starting a business and being their own boss is a way that they can do this.
Their dream business, therefore, is one that isn’t completely restricted to one location or specific hours.
Luckily, technology is making this more and more possible and shared work spaces, video calling, and other online services mean that there is less need to stick to the traditional office.
Millennials are more than willing to put in the extra hours when its needed. As long as they believe in what they are working, they will work harder and faster than older generations.
Technology is key to a millennial’s dream business. The sharing economy or developing an app are high on the list of favorites. Subscription services have also become popular for millennial start-ups.
These kinds of businesses work because they don’t need too much capital. Millennials are also being drawn to ecommerce sites when looking for their dream business.
Offering services online is a great way to start a business and advertising can be done really cheaply through social media.
Technology is allowing people to start businesses that are not restricted by office space and a staff of people. A company can get off the ground with a great idea and a lot of hard work.
This isn’t a short cut to success. Most of the time this path will be longer and harder, but the possibility is there, and a lot of young people are doing it.
One thing for sure is that, more than any other generation, millennials want a purpose driven career, and this is what many of them are aiming for when they start their businesses.
The ‘bottom line’ is not the be all and end all of a millennial’s business. A new way of doing things is being considered so that social change can play a role in business.
There are a lot of millennials that are considering the role that they want to play in the grander scheme of the world, the difference that they can make and how they can reduce the negative environmental and social impact of their businesses.
Millennials grew up seeing the devastation of the environment and they have more access than ever to the social inequalities of the world and their dream businesses reflect this.
The choices that these businesses make need to be about more than just money. Considering how something was manufactured and by whom is just as important.
This is something that these businesses can market. A millennial’s contemporaries want to buy in to the social responsibility aspect of a business. The type of customers of their businesses are part of the dream.
What does this mean for the future?
Millennials have seen how unreliable the economy can be, but they have also seen their parents become entrepreneurs.
They want to be the deciders of their own fates and they know that starting a business is the way to do this, but they don’t want to step over others to get there.
This makes the millennial’s dream business a tricky balancing act but, done right, these businesses could be where we want to go!
By Anthea Taylor, Assistant Editor at Dynamis and writes for all titles in the Dynamis stable including BusinessesForSale.com, FranchiseSales.com and PropertySales.com as well as other industry publications.