Kadine Cooper, CPCC, also known as Coach K, is a certified coach, facilitator and speaker, specializing in empowering professionals and organizations to reach their full potential. With a focus on personal and professional development, Ms. Cooper leverages her expertise to drive positive change and growth.
Growing up, I was told that if I went to school and climbed the corporate ladder, I would be viewed as successful. I believed that advice and followed the path of “the norm.”
As I coach more and more millennials, it appears that mentally is no longer the case. Gone are the days when success was defined by staying at one job for decades and steadily climbing the corporate ladder. For previous generations, a long tenure at a single company was a hallmark of stability and achievement. These days, many millennials are challenging this traditional notion of success. This generation is increasingly turning away from conventional career paths and embracing entrepreneurship, leveraging their distinct skills, values and perspectives to forge their own paths in the career world.
According to a recent study by the bank BNP Paribas, millennials are starting businesses at nearly twice the rate of baby boomers. The report found 57 per cent of millennials consider themselves entrepreneurs, compared to 38 per cent of a younger version of the now baby boomers. This entrepreneurial spirit is driven by a desire for flexibility, autonomy and a sense of purpose in their work.
Based on an RBC poll conducted in September, the desire for entrepreneurship continues to trend high among Gen Z and millennials.
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Having worked extensively with millennial entrepreneurs, I have witnessed firsthand the distinct motivations and challenges they face. One client, whom I’ll refer to as “Samantha,” epitomizes the millennial entrepreneurial spirit. Samantha left a well-paying corporate job to start her own digital marketing agency. Her primary motivation wasn’t just financial gain but the desire for greater flexibility and the ability to align her work with her personal values. She wanted to create a company culture that prioritized work-life balance, mental health and social responsibility – elements she found lacking in her previous job.
Samantha’s journey wasn’t without its challenges. She faced initial financial hurdles and the stress of managing a startup. However, her commitment to her values and the support of a like-minded community helped her navigate these obstacles. Today, her agency is thriving and she often shares her story to inspire other millennials who are considering entrepreneurship.
For millennials contemplating entrepreneurship, here are some insights based on my experience and what I’ve learned from working with successful young entrepreneurs:
Start small and test your ideas. You don’t need to quit your job immediately to start a business. Begin with a side project or freelance work to test your ideas and gauge the market response. This approach allows you to build a foundation without the financial risk of going all-in from the start.
Leverage your network, as networking is crucial for entrepreneurs. Connect with other entrepreneurs, mentors and industry experts who can provide guidance and support. Platforms like LinkedIn, local business groups and online communities are excellent resources for building your network.
One of the significant advantages of entrepreneurship is the flexibility it offers. However, it’s essential to manage this flexibility wisely. Set boundaries to ensure a healthy work-life balance and be prepared to adapt your strategies as you learn and grow.
Focus on purpose and passion. Successful millennial entrepreneurs often find that their passion drives their success. Identify what you are passionate about and how it aligns with your business idea. This alignment will keep you motivated through the inevitable challenges of entrepreneurship.
Invest in continuous learning. The entrepreneurial landscape is constantly evolving. Stay updated with the latest trends, technologies and best practices in your industry. Attend workshops, take online courses and read industry publications to enhance your knowledge and skills.
Even for millennials who do not pursue entrepreneurship, there is a marked inclination toward ensuring a balanced work and personal life. This generation values flexibility and work-life integration, often prioritizing jobs that offer these benefits. According to a report by PwC, 95 per cent of millennials consider work-life balance important and 70 per cent are willing to forgo some pay to have a better balance between their work and personal life.
As a result, they seek roles that allow them to manage their professional responsibilities without sacrificing personal time and well-being. Millennials value employers who understand and support their need for balance, which often leads to higher job satisfaction and loyalty. This mindset is also reflected in their entrepreneurial ventures, where many design their businesses to afford them the lifestyle they desire.
Millennial entrepreneurs are undeniably breaking the mould and redefining success on their own terms. Driven by purpose, empowered by digital tools and resilient in the face of challenges, they are shaping the future of business in innovative and meaningful ways. As they continue to disrupt traditional industries and create new opportunities, their impact on the global economy and society will undoubtedly be profound, not only carving out successful careers for themselves but also paving the way for a more dynamic, inclusive and sustainable future.