Why Millenials are More Inclined towards Entrepreneurship

We are living in the times when we can see major transitions taking place, on a global spectrum. We can see old skin being shed, old ways being altered, and a new mindset taking birth. It is the age of millennials, a generation that saw the rise of capitalism, and also witnessed the transition of the world from 20th to the 21st century. To understand the change in workplace dynamics, we cannot over look the major factors affecting that transition. We cannot ignore the social aspects of this change. It is the mindset and the needs that today’s generation have, which is driving the economy and steering the transformation of workplace culture.

Millennials are trying to find their way back to their passion. They want to connect to who they really are and make that into a living. They want to feed their souls instead of their stomachs and, this is why, so many business opportunities have stemmed from this need. We can see entrepreneurship on the rise, with small setups sprouting up in all industries. In grapevine, TX, more business opportunities have emerged today than they ever did in the job sector. The question is: why? To answer that, we have tried to narrow down a few reasons that are indirectly or directly bringing this change.

Capitalism was never friendly enough

Most of us will agree that capitalism is still the driving force of this economy. However, we also have to admit that capitalism is squeezing the life out of us. The very essence of capitalism is to protect the capital, to think about nothing but the profits, even if that is at the expense of personal growth or development. This very nature of this system has compelled the millennials to break free from the tyranny of this cruel, lifeless culture and start something that has some life and passion into it.

They want opposite of security and stability

The generations before us wanted security. They wanted stability and a planned life, which is why they found the corporate system suitable, since it offered a scheduled routine for them to follow and involved lesser risks and uncertainties. They found mental and emotional comfort in the idea of 9 to 5 regular work life. However, today’s generation want the exact opposite of it. They want to see what more is there to explore out there. They want to broaden their horizon and sail through it. The change is all happening up there, in their minds. They find the routine jobs confining and the social norms depleting. This is the reason why they seek a business opportunity in almost everything, because they are looking at things in every way they can, and making the most out of it.

Freedom to choose how they work

Millennials want to have a control on how they work, when they work and where they work. They do not believe in the idea of four-walled offices and closed places that feel like nothing else but a simulation where they are being constantly watched and scrutinized. Not many jobs offer flexible hours or remote working option, not many jobs would understand that you didn’t show up to work because of some urgent piece of work or due to an emergency at home. This lack of understanding is what keeps the millennials away from the corporate system.

Unattractive job market

Another reason that initially drove millennials toward starting their own business was fewer job opportunities out there, and those that were there, they did not pay enough. However, once they got into starting up their own businesses, only then they realized the potential it holds and the number of untapped areas and opportunities.   

Change in priorities

Millennials do not simply want a work that pays them well; they want something that resonates with them and helps them make a difference in society. They want something that is meaningful. This has brought another change It is driving a shift towards more ‘human’ aspect of work. Today’s job market does not merely offer jobs. They are money-driven and oftentimes cruel, whereas this generation want to make a change in the world. The social aspects are more highlighted in present age business culture, than they were in the times of baby boomers. Maybe this is why we see more business opportunities in social entrepreneurship.

Hand of technology

The last two decades have given a birth to countless technological innovations that have changed the way we think, the way we live and the way we work. We are on clouds now (pun intended). We have shifted our lives on the social media forums, where we are always available. It is like a city that never sleeps. Technology has changed the way we like to work. It has made it easier for us to run multiple things at the same time, and that too, at the convenience of our laptops and smartphones. Why be in one place when we can be almost everywhere? It is the freedom from the geographical barriers that technology offers and that makes it easier for this generation to start up small businesses and expand it globally with just a few clicks.

The need to connect to themselves

Finally yet importantly, we, millennials are more spiritually aware than the generation before us. We are aware of the vastness of this world, this universe, we know that there is more to life than being in the same societal structure, and this has changed our mindset and needs – and having a business of our own, with no limitations, and with the freedom to expand in any direction, fits well with that kind of a mindset.