My previous post established the overall characteristics of Gen Y as that of wavering loyalty when it comes to today’s job market—a market that is particularly challenging for this generation. The national unemployment rate among young adults ages 18 to 29 was about 12.7 percent in August (over 4% higher than the national average), according to nonprofit organization Generation Opportunity.
Why? Why are the Millennials so down, out and about?
Could it be that instead of unpredictable, at least a fraction of these Millennial workers are envisioning a more suitable opportunity for themselves? That instead of having trouble finding employment, some GenY workers are struggling to find meaningful employment—and are actually in the process of developing something better? For some, finding meaning means finding it on their own. Millennials crave opportunity, freedom and fulfillment.
According to The Multigenerational Job Search survey conducted by Millennial Branding and Beyond.com, survey, almost one third of all respondents have considered starting their own business instead of continuing their job search. And another study, found that the number of 18 to 29-year-olds in the process of setting up their own companies increased by 50% in the last year alone.
So Millennials want to explore the world on their own—but what does that mean? How will starting a new business affect your business? While I can understand why some management could see entrepreneurs as a direct hit to their human resource department, both leadership and team members must also consider that it’s an inevitable movement and it would prove to be much more beneficial to realize the positive picture for this relationship between entrepreneurs and corporate America.
The upside of entrepreneurs for our marketplace—
A chain reaction. The advancement caused by an entrepreneurial innovation will more than likely cause a domino effect. Advanced products and services push progression for innovation of technology and product development across industries—resulting in pioneering ideas and new advances that can ultimately benefit the entire market.
New business, new business partner. There are times that an employee might take on an entrepreneurial endeavor that creates a direct opportunity for the former employer. The previous business may provide a product or service that the new one needs in order to grow and develop.
Broader opportunity. Not only do entrepreneurial ventures have the potential to build a relationship and progress innovation, they have the potential to open up niches in the marketplace because of it. More businesses mean more opportunities to provide services to companies and individuals that are directly involved with these new, niche markets.
Finding a fit. Niches also create benefits for workers. There are a number of people currently working outside their passion or field of study. New opportunity means these companies often require new and/or specialized workers with focused skills to get the job done. Finally, that degree in Enigmatology might actually come in handy.
What are your feelings toward these benefits of entrepreneurship? What other advantages do you see as a result of GenY’s entrepreneurial search for personal satisfaction and opportunity?
- This post written by Carrie Bowe, an Intern at Millennial Branding