A new generation of entrepreneurs has arrived – and they’re starting businesses quicker that it takes to boil the kettle. They’re not only starting more businesses, but they’re already outperforming their parents and these so-called “Millennipreneurs”, at just 20 to 35 years old, are starting more companies, managing bigger talent teams and targeting higher profit than their predecessors.
These findings come from the 2016 BNP Paribas Global Entrepreneur Report, and it recalls: “From Generation Y, born between 1980 and 1995, they stand out by creating an increased number of companies, both in the new economy and traditional sectors. They average launched about 8 companies, against 3.5 for their elders, and have a turnover of more than 43% that of the baby boomer generation. Among them, women are more successful than men. Providing a profit margin of 35%, they are most active in Poland, Spain and China, in sectors such as trade, professional services and fashion.”
Women Entrepreneurs leading the pack
What is interesting in the report is that although the under 35s are creating more companies, with higher headcount and greater profit ambitions, they are not exclusive to the new economy – despite showing strong interest in it. And in fact, it would appear that early reports demonstrate that women entrepreneurs are slightly more successful than their male counterparts, and demonstrating a higher level of expectation too. In fact, 89% of the women surveyed expected growing or stable profit within the first 12 months of their business. And they’re not far off. Of all women entrepreneurs surveyed, the women-led businesses demonstrated a total turnover of USD 5.96 billion.
Entrepreneur Profile Statistics
So, just what does this entrepreneur look like? Well, according to the survey, the survey was able to piece together a successful entrepreneur profile based on those who responded to the study, and who are demonstrating huge success already.
The profile includes:
- The average age of the entrepreneur considering starting their own business is 29 years.
- The average age of when they actually started their business is 31 years.
- On average, 61% of candidates came from families that had a history of entrepreneurism.
- The average turnover of their primary business is USD6.5 million with a 29% gross profit margin.
- Only 50% of the candidates considered corporate social responsibility important to them, and their business.
Millennial entrepreneurs compared to their Baby Boomer parents
Millennials are starting more businesses, too. The report found that they’ve launched about twice as many as boomers have—nearly eight companies each versus three to four for boomers. There may be several opinions as to why this is, but certain schools of thought accredit this towards the strong development of technology underpinning everything we do. This generation has grown-up with technology, and have already embraced the Digital world as a fundamental priority and blueprint for all they do. Another school of thought is that creating a business today is a lot easier – within a few hours, you may be up and running whereas for previous generations, this would be considerably harder to do.
So, how does this massive change in economic climate affect you? Well, it should be pretty obvious. There’s a new kid in town – and they’re about to disrupt your status quo. Long-established organisations are daily being challenged to innovate, create, adapt – and as a result, huge corporate transformation initiatives are becoming the topic of the day, as businesses adapt to an evolving market. You may already be in distress, or you may be on the cusp of change – whatever it is, you need people who have been there and done that, and who are able to deliver exponential growth. And that’s us.