The most business-minded generation
Everyday, all we seem to hear about in the news are credit crunch here, and stock market woes there. But though the economy may be slowing down, Gen Y seems to be keen on taking on the challenge. A survey commissioned by Pricegrabber.com entitled “Online Purchasing Trends by Generation” had a section on entrepreneurship, and it showed that of all those who participated, people classified as Gen Y (those born after 1979) were the most eager to pursue their own business venture right after graduation. And as this blog attests, many of you don’t even wait that far (why should you?).
From the study, it’s also interesting to note that as time went by, the number of people wanting to be entrepreneurs while they’re young increased. In the Greatest Generation (born before 1946), only 22% intended to put up their own business, compared to 26% for Baby Boomers (born between 1946-1964), 31% for Gen X (born between 1964-1979), and up to 43% for Gen Y. In contrast, the number of those uncertain about their future after finishing school declined - and that’s a very good thing. I hope that’s really true.
Gen Y is the only generation where more people prefer to become an entrepreneur rather than work for a stable company. This may be linked to other studies which showed that Gen Y’ers:
Are more ambitious. We expect to progress more rapidly in life than other generations before us. Being with an established company may be more stable, but climbing the corporate ladder can take too long.
Desire to redefine workplace culture. Our generation don’t like to do things just because that’s how it’s been done for the longest time. We like to question authority and give respect out of merit, not just seniority. As an entrepreneur, you get to set the rules for your own company.
Are tech-savvy. We know how to use new tools like the social media, build websites, and other things that don’t require a massive amount of capital to get started.
Like to travel. About 22% of Gen Y want to take time off to travel in the next five years, whereas only 10% of Gen X and 9% of baby-boomers feel the same way. Having your own business allows you to be more flexible about your time.
It really does seem like the general Gen Y mindset is quite attuned to the entrepreneurial spirit. However, as gung-ho as Gen Y’ers are, we’re still not insulated from the world around us. Is your college business feeling the pinch? What are you doing to survive the times?
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