Kadine Cooper, CPCC, also known as Coach K, is a certified coach, facilitator and speaker specializing in helping professionals and organizations realize their full potential. With a focus on personal and professional development, she leverages her expertise to drive positive change and growth.
As a child, I was told that if I went to school and got promoted in a company, I would be considered successful. I believed that advice and followed the “standard” path.
As I mentor more and more millennials, it seems like the mentality no longer applies. Gone are the days when success was defined by staying in one job for decades and steadily climbing the corporate ladder. For previous generations, staying with one company for a long time was a sign of stability and achievement. Today, many millennials are challenging this traditional notion of success. This generation is moving away from traditional career paths and embracing an entrepreneurial spirit, leveraging their unique skills, values, and perspectives to carve their own path in the career world.
Millennials are starting businesses at nearly twice the rate of baby boomers, according to a recent study by BNP Paribas. The report found that 57% of millennials consider themselves entrepreneurs, compared to 38% of today’s younger baby boomers. This entrepreneurial spirit is driven by a desire for flexibility, autonomy and a sense of purpose in work.
According to an RBC poll conducted in September, entrepreneurial ambitions remain strong among Gen Z and millennials.
Having worked extensively with millennial entrepreneurs, I’ve seen first-hand the unique motivations and challenges they face. One of my clients, whom I’ll call “Samantha,” embodies the millennial entrepreneurial spirit. Samantha left a high-paying corporate job to start her own digital marketing agency. Her primary motivation wasn’t just financial gain, but a desire to work more flexibly and align her work with her values. She wanted to create a company culture that prioritized work-life balance, mental health, and social responsibility – elements that were missing from her previous job.
Samantha’s journey wasn’t without challenges. She initially faced financial hurdles and the stresses of running a startup. But her adherence to her values ​​and the support of a like-minded community helped her overcome these obstacles. Now, her company is thriving, and she frequently shares her story to inspire other millennials who are considering starting their own businesses.
For millennials considering starting their own business, 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 have to quit your job right away to start a business. Start with side projects or freelance work to test your idea and gauge market reaction. This approach allows you to build a foundation without the financial risk of putting everything in from the beginning.
Networking is important for entrepreneurs, so use it! Connect with other entrepreneurs, mentors, and industry experts who can provide guidance and support. Platforms like LinkedIn, local business groups, and online communities are great resources for building your network.
One of the great benefits of starting your own business is flexibility. But it’s important to manage this flexibility wisely: set boundaries to ensure a healthy work-life balance, and be prepared to adapt your strategy as you learn and grow.
Focus on purpose and passion. Successful millennial entrepreneurs often find that passion is what drives their success. Identify what you’re passionate about and how it aligns with your business idea. This alignment will keep you motivated through the inevitable challenges that come with starting a business.
Invest in continuous learning. The entrepreneurial landscape is constantly evolving. Stay up to date with the latest trends, technologies, and best practices in your industry. Increase your knowledge and skills by attending workshops, taking online courses, and reading industry publications.
Even among millennials who don’t aspire to start their own businesses, the desire for work-life balance is notable. This generation values ​​flexibility and work-life integration, and they tend to prioritize jobs that offer these benefits. According to a PwC report, 95% of millennials value work-life balance, and 70% are willing to sacrifice some compensation to achieve a better work-life balance.
As a result, they are seeking roles that allow them to manage their professional responsibilities without sacrificing their personal time or health. Millennials appreciate employers that understand and support their need for balance, which often translates to greater job satisfaction and loyalty. This mindset is also reflected in their entrepreneurial ethos, where many are designing their businesses to help them achieve the lifestyle they aspire to.
Millennial entrepreneurs are undoubtedly breaking the mold and redefining success on their own terms. Driven by a sense of purpose, empowered by digital tools, and persevering in the face of difficulties, 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 significant, not only carving out successful careers for themselves, but also paving the way for a more dynamic, inclusive and sustainable future.
