At over 80 million strong, the millennial generation is changing the way just about everything works – including work.
Trailblazing Millennials are forgoing traditional work opportunities in favor of something that provides a lot more freedom –entrepreneurship.
As millions of millennials start their own businesses and say “yes” to hiring themselves, the way we work is forced to quickly evolve. Full-time employees are being replaced by independent contractors, and old school 9-to-5’s are being converted to virtual positions (margarita by the beach, anyone?).
As our culture becomes increasingly entrepreneurial (thank-you, millennials), here are 15 facts everyone needs to know about millennial entrepreneurs:
- 35 percent of employed millennials have started their own business on the side to supplement their income (Iconoculture).
- 84 percent of millennials say that helping to make a positive difference in the world is more important than professional recognition (Bentley University’s Center For Women And Business).
- 50 percent of bloggers are millennials (Nielsen).
- Entrepreneurship curriculum has been added to more than 2,100 U.S. colleges and universities (US Chamber of Commerce).
- More than 40 percent of the freshmen that come into Belmont University’s entrepreneurship program have already started businesses (Belmont University).
- Millennial males, blacks, and Latinos are most inclined toward starting their own business; females are more likely to be interested in starting nonprofits (US Chamber of Commerce).
- 90 percent of millennials say being an entrepreneur is a mindset instead of the role of a business owner (Millennial Branding / oDesk).
- 64 percent of millennials would rather make $40,000 a year at a job they love than $100,000 a year at a job they think is boring (Inc.).
- Millennials say the ability to get a loan or credit is the biggest challenge to starting a business, with almost two-thirds saying that they do not receive enough support from banks (US Chamber of Commerce).
- 54 percent of millennials either want to start a business or already have started one (Kauffman Foundation).
- 87 percent of millennials believe that “the success of a business should be measured in terms of more than just its financial performance” (Deloitte).
- More than a quarter (27%) of millennials are already self-employed (US Chamber of Commerce).
- In 2011, millennials launched almost 160,000 startups each month, and 29% of all entrepreneurs were 20 to 34 years old (US Chamber of Commerce).
- While the older generation launched their first businesses at roughly 35 years old, the average age of millennial entrepreneurs is 27 year old (BNP Paribas Global).
- Millennials have launched about twice as many as boomers have—nearly eight companies each versus three to four for boomers (BNP Paribas Global).