Millennial entrepreneurship

It notes that the generation has recorded the highest number of entrepreneurs never recorded in the previous generation as boomers. American Express notes “millennial may be the most entrepreneurial generation ever. ” Notably, this generation is well acquainted with technology resulting to efficiency in digitalization of business. They, therefore, subscribe to values that steer them ahead to make it in entrepreneurship successfully. This includes the resilience and purpose-driven goals. Forbes notes that 77% of the millennial generation recorded a flexible work schedule as much production and a quite full filing. Jeff Shefford, 2017) On the other hand, John who happens to share a class with me also openly shares his entrepreneurial chronicles. Despite being a student, this has not suppressed him from venturing into business. He notes that business was not scary from the start having been brought up by entrepreneurial parents.

He had already learnt that business had seasons of reaping and he was well prepared for the highs and lows of his entrepreneurial venture. The survey notes that the motivation towards the drive for entrepreneurship is pegged on the presence of adoption of technology taking 45%. Secondly, the need for flexibility at 35%, the lure of making money accounted for 24%, and 15% ventured to avoid corporate lay off. Notably, some challenges act as an impediment to an entrepreneur going by the survey. This is exemplified by lack of both financial and human capital, insufficient financing and resources and expertise in a given specific skill. However, 57% of Singapore suggest the need of the government to promote entrepreneurship through funding. He echoes the report by the 2017 HSBC that notes that “millennial entrepreneurs are prompted by the different motivation to venture into entrepreneurship, unlike the previous generation.

Mr Grey quips that flexibility and independence were core reasons to venturing into entrepreneurship. HSBC Global chief officer notes “we are increasingly seeing millennial entrepreneurs setting up a business that balances financial returns with sustainability goals”. This points to the fact that most millennials venture into entrepreneurship purposely not for wealth creation. The goal is defined by the essence of providing a service or a product to an existing gap in the market. Jeff Sheffords,2016) Notably, it takes an array of values exemplified by determination, courage and consistency to successfully make it. Additionally, a business image coupled with stories that explain, entertain and attracts buyers to the services and products is core. Transparency and accountability especially in the use of apps, websites and social media in an endeavour to make informed decisions as noted by the Standard life is key in entrepreneurship.

Technology has also instrumentally helped in doing enough research on the kind of entrepreneurship venture to undertake. This is exemplified by the need to do adequate research on the age, gender, income level and both religious and political views. Other successful millennial entrepreneurs include the founder of Elite Daily, Gerard Adams, David Karp created a famous blogging site called Tumbir, and Mathew Mullenweg created WordPress that acts as a pillar software for others to create their sites. Wahyuningsih, 2019) In conclusion, millennial entrepreneurship points to the arrays of individuals who have decided to forgo working in exclusive offices but build a business from scratch. Such entrepreneurship comes with their schedule, work at their speed with control over their day to day activities. Even more, they have mastered the essence of the need for image consciousness and personal branding.

Interestingly the huge following that is easily monetized. Co Joey Wikey ,( 2016) Rise of the millennial entrepreneurs: How the new wave of entrepreneurship harnesses productivity, visions and growth to create successful entrepreneurs. todayonline. com/business/3-4-sporean-millennials-aim-become-their-own-boss:3 in 4 Singaporean millennials aim to become their own boss.