Millennial entrepreneurs 'shaking things up' in the world of start-ups

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Millennial entrepreneurs 'shaking things up' in the world of start-ups (image credit: iStock/Izabela Habur)

A generational shift in the approach of those with entrepreneurial dreams is taking place at present, with more and more millennial entrepreneurs launching new ventures in the modern world of business.

However, what is setting this group apart from their predecessors is not the way they are going about fulfilling their ambitions, but the driving forces that are leading them to take such a monumental leap of faith in the first place.

Now, new research published by business technology provider Sage has highlighted the values that make entrepreneurial millennials tick, with some interesting results.

Stephen Kelly, chief executive officer at Sage, commented: "Millennial entrepreneurs have a huge role to play in the start-up economy and are shaping the modern workplace at great pace. But they can’t be grouped together as a homogenous stereotype. Our research shows that they fall into distinct camps with specific hopes, fears, concerns and ways of working.

"They will be our next generation of business builders, the heroes of the economy, and understanding what makes them tick now stands us all in good stead for the future. That's true of the people that want to do business with them, buy from them, hire them or create policy that helps them to grow."

According to Sage's study findings, there are five distinct categories of millennial entrepreneurs:

  • Principled planners - Methodical in their approach to starting up, this group like to have plans for every contingency and they are never afraid to ask the tough questions in order to find the answers.
  • Driven techies - A group that love their work and are engrossed in and embrace the use of the latest technologies to fulfil their goals.
  • Instinctive explorers - A group with a more cavalier attitude to planning and preparation. They are gung-ho in their management style, but they have the confidence to see their plans through to the end.
  • Real worlders - This is a pragmatic but resourceful group who are willing to both rely on data-driven insights and their own intuition to forge ahead with their ventures.
  • Thrill-seekers - A group that is easily bored, always looking for the next big thing and who ultimately want to take on the biggest challenges.

Not every millennial entrepreneur will fall neatly into these categories though, as many will demonstrate attributes from different ones. What the research does show, however, is the fact that millennials who are taking the step of starting their own business today have a strong belief in their power to make a difference, with 61 per cent of respondents to the Sage study saying they would sacrifice profits to stay true to their values and have a beneficial impact with their work.

Kriti Sharma, director of product management for mobile at Sage, concluded: "As a millennial entrepreneur myself I know first-hand that this business group are shaking things up.

"We're rejecting established patterns of working and making technology work for us. We see business through a new lens. We're willing to work hard, but want flexibility in how, when and with whom we do business."