Ranging from news articles to recent CEO interviews.
(Los Angeles, CA) December, 29 2014—It is becoming increasingly clear that the business world of the mid-21st century, driven by the soon-to-be-dominant millennial generation, will be very different from that of the past. According to a recent study by Bentley University, millennials, who will make up 75% of the American workforce by 2025, have developed their own unique vision of success. In the study, only a very small minority (13%) of surveyed millennials—young professionals born in and after the early to mid-1980s—said that their career goal involves climbing the corporate ladder to become a CEO or president. In contrast, nearly two-thirds (66%) said that their career goal involves starting and running their own business.
“We see this every day,” says Payscout CEO Cleveland Brown, “as young business leaders come to seek our help in setting up their payment services, and extending them as they begin doing business around the globe. By leveraging our experience and expertise, they can pursue opportunity wherever it leads. We give them the certainty that their merchant service provider understands the banking and legal technicalities of any market they enter, and can help them manage risk while ensuring payments are processed quickly. This is in line with our mission, ‘Payscout supports the entrepreneurial dream one transaction at a time.’”
And the entrepreneurial dream is alive and well. Despite the challenges facing any new business, millennial entrepreneurs are overcoming difficulties and remaining optimistic. “Millennials have built new businesses out of the ruins of a recession, and in doing so, they’ve changed the career expectations for a whole generation,” says Amex Open Forum contributor James O’Brien, Ph.D.
In a recent Deloitte poll cited by O’Brien, 70% of surveyed millennials said they would reject traditional business to work independently. In a separate study, one in five said they wanted to quit their current jobs and go out on their own. For those who have done so, the results were encouraging:
Helping drive both the pace of millennial business startups and the optimism they engender is the fact that technology has made it easier than ever before to start a company. Jaleh Bisharat, Senior Vice President of Marketing at Elance-oDesk’s, the world’s largest online workplace, comments that technology has leveled the playing field by opening up access to the assets necessary to start a business – for millennial entrepreneurs, this means that, “overall costs, including technology infrastructure costs, have come down by an order of magnitude, lowering barriers to entry for new businesses.”
Among the capabilities now available as software-as-a-service add-ons are systems designed to help build and organize online communities around a particular issue or cause. This is attractive to millennials because they increasingly fuse their social and personal concerns with their professional lives. As Entrepreneur magazine recently observed, millennials are driving an ever-growing trend of capitalism-with-a-conscience through their collective buying power of over $200 billion annually and their deep-rooted desire to do good. “When 87% of millennials donate to a nonprofit in 2013, you know they are not content with being passive observers in a brand’s larger plan. Millennials instead demand a ‘participation economy’ that allows them to contribute, co-create and shape the giving behaviors of brands they love.”
“We believe,” says Payscout’s Brown, “that millennials may become the greatest generation of this century, driven by their entrepreneurial dreams and their desire to support conscience-minded businesses. Already—again, we see this constantly in the entrepreneurs whose efforts we support—we have witnessed the development of a work ethic based on working smart, rather than the old mantra of success through long, hard hours. They innovate and adopt technology to get results efficiently. Our goal at Payscout is to help these visionary businesses grow and prosper. We help all business sizes, from small to medium-sized businesses (SMBs) to enterprise level, enter global markets quickly and with properly managed risk, allowing them to focus on what they do best.”