According to a recent study and article published by OpenForum.com, millennials may, in fact, be better as small business owners than other generations. Entrepreneurs under the age of 30 years old are reportedly seeing more growth in their businesses than any other age group, according to the fifth annual DNA of an Entrepreneur report by Hiscox, a global specialist insurer serving the small – business community.
According to the report, millennials were more likely to report growth in their businesses over the past year and were also more optimistic than other generations. This increase in growth and optimism are reportedly due to the following factors:
1) They Are Innovative
Millennials are more open to, and take more risks with, new innovation. This includes their being leaders in the development of new and more innovative products that will shape the future and not being afraid of taking risks. “Their small business cultures reflect the fact that they are happy to abandon the status quo if it’s not working, and are always looking to discover the next big idea.”
2) They Are Free To Work Hard
Millennials have more freedom to being workaholics. Younger business owners can “afford” the stressors that come along with being a business owner as many of them still live at home with their parents and are not bogged down yet with families of their own or aging parents to take care of. Though millennial business may not see any benefits to starting their days at 9:00 am, they may still be working at 9:00 pm, which many business owners with added responsibilities typically try to avoid.
3) They Are Flexible
Millennials desire more control and flexibility over their work schedule. This report states that the most common benefits noted by entrepreneurs were flexibility over their work hours, being able to influence the direction of their business and also exuding greater pride and greater feelings of control over the work they produce. Millennials, more than any other generation, have a very low tolerance for corporate bureaucracy and they detest the feeling of helplessness that most times comes with the “traditional” business work life. Their strong dislike for these attributes directs them to becoming more successful on their own terms.
4) They Understand The Benefits Of Social Media
Millenials utilize more open forums of communication with clients, customers and fellow business owners. The onslaught of social media has definitely had a positive affect for younger business owners. 65% of small business owners under 30 years of age use social media to keep in touch with customers, versus only 36% of those 60 years of age or older. Millennials also utilize the leverage they have over social media for prospecting new clients and internally communicating (the good and the bad) with co-workers, partners and stakeholders. “This means that Gen Y knows about and takes steps to solve problems before they reach the critical stage.”
Rashida Maples, Esq. is Founder and Managing Partner of J. Maples & Associates (www.jmaplesandassociates.com). She has practiced Entertainment, Real Estate and Small Business Law for 9 years, handling both transactional and litigation matters. Her clients include R&B Artists Bilal and Olivia, NFL Superstar Ray Lewis, Fashion Powerhouse Harlem’s Fashion Row and Hirschfeld Properties, LLC.
Also On HelloBeautiful:
Celebs Tweet Their Thoughts About #JusticeForSandraBland
1. Jesse Williams
#SandraBland's treatment while attempting to travel freely on HER public roadways has been acknowledged as unlawful. She is already dead.
2. Taraji P. Henson
"SAY HER NAME #SandraBland"
3. Ava DuVernay
"'Why are you arresting me?' Because you know your rights. Because I can. Because no one'll believe you. #SandraBland"
4. Kim Kardashian
#WhatHappenedToSandraBland We need answers!!!! This is NOT ok! This is all shady! They need to own up to this & tell the truth!
5. Jussie Smollet
"A loss 4 words. #SandraBlandMatters #BlackLivesMatter 👈🏿tell me this should change once the nation shows that we do. "
6. Snoop Dogg
🙏🌹. Sandra. Rip. 🌹🌹
7. K. Michelle
R.I.P to this queen. This could've been any of us. My prayers go out to her family. #sandrabland https://instagram.com/p/5fvlO_AhCf/
8. Gabrielle Union
SAY HER NAME!!! #SandraBland #SandraBland #SandraBland #SayHerName
"We must get to the cause of #sandrabland death because this CANNOT happen again #deathorfreedom"
10. David Banner
"When will we fight back. A man's duty on earth is to protect women and children. Where are the gangsters? Preachers? We need you. Please."
11. Nicki Minaj
"Rest In Peace #SandraBland"
12. Talib Kweli
"We the people ask @LorettaLynch to investigate #SandraBland #KimberleeRandleKing RETWEET "
Signs. Signs. Signs all around us. The Message is Here. #SandraBland
14. Missy Elliot
"When I look at the #SandraBland traffic video it brings so many emotions😳😢😡😡😤!"
15. Jessie J
"God bless your soul Sandra | #sandrabland | Change needs to come |Justice needs to be served | Heart… https://instagram.com/p/5fV79mQ0aw/ "
16. Jackee Harry
"It's time y'all, it's time.." #SandraBland #BlackLivesMatter
"In memory of #SandraBland these things don't make no kinda sense "
18. Holly Robinson Peete
I really don't look forward to having ANOTHER difficult conversation w my kids tonight...but here we go again😧💔 #SandraBland #SayHerName 😢
19. Jeffrey White
Sadly, doesn't matter by whose hand she died. Unjustified arrested set the outcome in motion. The state murdered her. #JusticeForSandraBland
Sandra could have been your mother, sister, aunt, friend or if she wasn't killed the community outreach advisor A&M. #SandraBland
21. Joan Smalls
"My heart is broken. Sending my deepest condolence to her family and friends. May you find Strength, Peace and Justice. When will this stop? #EqualityForAll #RIP #Why #SayHerName
22. Gladys Knight
Sandra Bland.... #SayHerName #SandraBland
23. Cara Delevigne
Things need to change NOW #SANDRABLAND #Justice #Equality
24. Meek Mill
"Rip to that young lady that lost her life about a traffic stop! 🙏 ima make sure I pray for her and her family! 🙏😄😄😄"