No more 9-to-5: Entrepreneurship among Millennials
Isn’t it everyone that hates when Monday rolls around, and the entire week becomes a challenge. We have often in our job experienced the afternoon slump.
Well, this is the story of every modern day worker.
Before we can jump off to understanding this shift, let’s understand who are the millennials?
The age range varies but millennial’s are people that are born between 1981 and 1996. Almost 50% of the Indian workforce is millennial’s; they are the first generation that is considered the digital natives with access to Smartphone’s, tablets and laptops.
The Great Shift
Millennials are more of a socialist generation rather than the one that focuses on generating a profit; they focus on creating a life that gives them total freedom. The people in today workforce are looking for jobs that would inspire them and something that doesn’t mould them according to work but something they can work around their lifestyle
Free Reign Over Their Creative Mind
In the current economic environment where start-ups remain in the headline; the Gen-Y or millennial’s are focussing on handling their careers and managing their finances through leaving their traditional jobs and coming up with novel ideas and incorporating them through setting up new businesses for themselves.
They opt for start-ups so that they can work on their entrepreneurial mindset, make their vision come true and they seem to be ready to take these risks financially. the current start-up environment seems to be one that is helping it to flourish.
India has seen a recent boost in a number of start-ups that are run by millennial’s for them it’s not just about making money they search for sustainable and ethical investments and way to share their insight with their key audience.
How millennial’s want to work is quite different from traditional practice in the workplace, the recent boost in the number of start-ups by Gen -Y clearly is an indicator that they have an ability to put forth innovative ideas for a different sector.
As it was seen in case of OYO Rooms founder Ritesh Aggarwal who is just 24 years old and has made a bus in the economy through its disruptive hospitality business idea, that now generates around 3.5 million dollar revenue. The founder has received various accolades and awards and has also been awarded Business World Young Entrepreneur Award.
It’s a no surprise given the values and environment millennial’s experienced the ventures they establish are mostly go around the social purpose and resolving the issues of the modern consumers through it.
Reasons why millennial’s are harboring such aspirations
The reason why millennial’s want to walk free of the corporate cubicles and start their own companies cannot just be measured through their hard-wired thinking, and risk-taking nature.
The reason why millennial are calling it to quit is:
- The corporate adhere to outdated norms that were formed by the older generation which in many ways do not apply to the Gen-Y especially when we talk about management.
- The millennial workforce does not want to respond to management that dictates; rather they want someone that acts as their guide or a mentor.
- The most common reason that makes millennial think about leaving their job is the office environment, and hence today it’s important to motivate them through positive and fun office culture.
Millennials also believe that starting their own business will lead them to financial independence and work and personal life balance which they are unable to do so with their 9 to 5 jobs.
In India, 83 percent of the millennium workforce is aspiring to become an entrepreneur which is more than 53 percent of the global workforce. The contributing factors in the rising number are the economy and market-oriented reforms like implementation of GST and Make in India initiative.
The Rosy Sunglasses: Entrepreneurship
Millennials have come up with a new definition for ‘entrepreneur‘, it no longer just means a person that is starting a new company or business, in fact, people that work for someone else and freelance also consider themselves entrepreneurs.
The new generation of entrepreneur is ready to take the bull by its horn they are not afraid to face the few downsides of the entrepreneurship in fact for them the downside is way less than the benefits they reap in the long run.
These ideologies in the millennial’s do show their insatiable desire to fast track their careers and pathway to the success road.
Modern Work Environment
Nineteenth-century socialism has revolutionized the working environment in a various organization that has stopped following the 8-hour work system; they provide the facility of working on flexible hours and also an option of working remotely as every person today either has Smartphone, desktop or laptop with them.
Hence the 8-hour work system seems obsolete.
Moreover, in today’s creative economy the working hours are not important; it is the energy of the workers that need to be managed.
The organizations that haven’t yet clocked in their working hours as per the Trent followed by the new talent are on the verge of losing the top tier talent.
Yes! it’s risky to shift your work hours but it will bring in more contribution from your workers by increasing their efficiency. Millennial’s want to grow and enrich their skill set and hence for that, a social environment is a must.
The millennials have a tendency of doing things at their own pace and hence they are doing so at such a pace that they are leaving behind the entrepreneurs that entered the market before them.
At this rate, the millennial’s will have double the amount of businesses under their collar as compared to traditional entrepreneurs. The Recruiting process for the companies formed by them is also going to be different and innovative which in turn is going to garner a much larger and talented workforce.