A few days ago, I read an article online about several bright young millennials who were feted for their entrepreneurial spirit, and rightly so for they had done well. I picked up the assumption on the part of the author that she thought that Gen Ys or the Millennials as they are also known, are a go-getter breed of entrepreneur, the likes of which have not been seen before.
There were several reasons flagged for this by those who were interviewed within the article:
- Millennials are not afraid to question authority;
- They are flexible and entrepreneurial;
- They harness new technology in the interest of getting things done easily and efficiently; and
- They are hungry for success and have the confidence to go out on their own.
It was even said that ‘this special generation benefits from knowing how things were done before mobiles, the cloud and Google.’ (I snorted so hard my tea nearly came out my nose when I read that claim. Most millennials have never known a life without a mobile phone, or Google.) It was also noted on the negative side that Gen Ys can be impatient and too focussed on technology over face-to-face interaction.
It made me review my own businesses start-ups, the first of which was when I was 18. It was an abysmal failure as I had no idea about marketing, location, pricing, or any of those essential details. I had learnt a bit by the time that little enterprise folded. My next businesses were in my twenties and they were more successful. One, I now realise in hindsight would have probably set me up for life if I had developed it further and hadn’t sold out too soon. I lacked formal business and financial training however and learnt on the job, often by making mistakes. I so wish that I’d had a good mentor during those times but I was a female trespassing in traditional male spheres and the welcome mat wasn’t exactly thrown out.
The point is however, that although I am now a baby boomer, in my earlier years when I didn’t have mortgages, and a child to support and educate, I was able to act on my bright ideas. I never saw them as taking risks, but more rising to the challenge and having a go. I suspect that this has always been the case, and the Millennials of today are merely following in the footsteps of generations who have gone before. With the benefit of internet-based technologies though, they are able to harness information and learnings that were not so easily accessible before. They can contact other people online who are engaged in similar activities and set up mutually supportive networks. They can even use crowd-funding to finance new ventures.
I have never stopped having the ideas, and have a file full of incipient business plans for the next great scheme that might just be challenging, and a bit of a winner. An online bookshop did well for a decade, before more cashed up competition prompted its slow demise. I also didn’t know what I didn’t know about internet marketing. Once more, I’ve learnt a lot.
Now that said child is off my hands and I have a little more financial flexibility, I can again consider the options for casting aside the corporate 9-5 and pursue some of my dreams again. I suspect that I’m not alone and that there are a few more budding seniorpreneurs working on their business start-ups.
What about it all you Gen Xs and Baby Boomers? Has that entrepreneurial spirit spluttered and died, or are you biding your time for when you can give it a go again? Are business start-ups the province of the young?