Today entrepreneurship is more lucrative and challenging both. In this age of digitization where the global economy is led by entrepreneurs like Steve Jobs, Dhirubhai Ambani, Azim Premji, and more, many millennials are preparing to enter this market. More than 6 million audiences across the world are gathered in shows like Shark Tank, a multi-Emmy Award-winning entrepreneurial-themed reality show, where aspiring entrepreneurs get an opportunity to succeed.
Also in 2008 financial slowdown, the conventional career routes were unpredictable. As a result, millennials consider entrepreneurship more than traditional working. Some of the primary reasons for the change in preferences and career approach in the millennial generation are:
Self made leaders defying C-Suite Protocol
A few millennials today strive to be the leader of a corporate or be a part of its C-Suite like CFO, CEO, COO, and many more. This new generation is much more focused towards creating their own business and proclaiming themselves as the founder.
The main cause for the switch in career purposes is important that they are keen to pave their path as they doubt that their potential and efforts will go in vain without any fruitful results. They also seem to cause chaos, breaking of contacts, bad news, and distrust of management in any company. This is because they have witnessed their relatives fired suddenly or their friends who have spent their whole lives locked inside a cubicle.
As a result, they seem to decrease the challenges still fulfilling the direction of entrepreneurship rather than following the protocol of traditional way of working.
Flexible working hours
Millennials prefer to work during hours they find the most productive and also their independence. As per a research, 77% of the millennials say that the key to enhanced productivity in today’s workforce is due to the flexible working hours. Even if some companies believe that there are many benefits to provide employees with flexible hours, the majority of them think that it could hinder professionalism and work ethics.
This has led many millennials to become entrepreneur where they have the right to consider the right time to work and this has made them more successful and productive. As we are living in the era of smartphones, it has helped millennials become more productive as they can connect with their core business and their emails outside of work or even loitering around the entire day and working in the night time when they thing they are most alert and energetic.
Prefer a challenging life
With the innovative approach and ever evolving technologies, Millennials have evolved as risk-takers and always keep a keen eye for new avenues. This makes them quit their traditional jobs with fatty check and choose to kick start their own venture which is their miasma of visions and ideas.
Generally, they choose to the less travelled path of hurdled to begin their business where they have to wear many hats and take up multiple responsibilities and roles instead of being cornered in some office and repeat the same task over and over again in the hopes of getting a stable income.
5 Core Entrepreneurship Qualities in Individuals
Success, in the entrepreneurial ecosystem, is not determined considering your school or college grades or not even the number of certificates you have. Hence, contradicting that, you need not be a master of any subject of school or a ranker to excel in business. The best entrepreneur is known to be street geniuses than a book worm.
Success in business is also not determined by your parents, religion, or even the place where you grew up. Your personality, skillset, approach towards life and mind-set are the only things that matter.
Perception and intuition are the two basic personality traits every successful entrepreneur should have. This is because only those are successful who have the strength to grab an opportunity to see it.
Here are five personality traits that an entrepreneur should possess:
It plays the most vital role in your personal and professional lives. Today money is not the determining factor for an entrepreneur to be successful. From practices that include lesser effort, challenges, and minimal risks, money can be made. If you want to overcome all the struggles that are lying in front of an entrepreneur, you need to be passionate and loving about your solutions.
An entrepreneur requires constant efforts, uncountable risks, and many sleepless nights, especially during startups. However, true entrepreneurs do not worry about things like that as their focus is on their vision and goal.
When a challenge is posed in front of them, they don’t give up. They take it head on with the utmost compassion. One of the prominent examples of this is Steve Jobs as he kept on hustling until he made it.
You always have the choice of looking at your superiors or peers to lend you a hand with something you are stuck on when you’re working in a traditional workplace. Entrepreneurs majorly do not have this kind of luxury and they have to be highly solution-centric if they need to overwhelm the problems before their problems overwhelm them.
A genuine entrepreneur understands how to find a solution for a problem he/she is stuck on and inspire their staff to work in unison towards a similar goal.
Lack of vision and determination is the reason why most startups fail. It is quite possible that after failing once in launching your venture, you may shatter and it may seem that your venture may never succeed. Successful entrepreneurs do not have that kind of emotion. They are not only optimistic about their future but also define a fixated path and action plan to protect and thrive their business.
Their team recognizes the whys and what’s of a certain task and the milestones that they need to achieve on the way to their success.
– Mamta Sharma