Payscout Addresses Millennial Entrepreneurship

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Payscout Addresses Growing Trend of Millennial Entrepreneurship: New Model of Leadership Emerges

(Los Angeles, CA) June 19, 2015—In response to a Deloitte poll conducted in early 2014, 70% of millennials said they would reject traditional business to work independently; one in five said they wanted to quit their current job and start their own projects. “We see this across the board in our younger clients,” says Cleveland Brown, chief executive officer of Payscout Inc., a leading global merchant services provider which specializes in helping businesses - from startups to enterprise-sized companies - do business smoothly all over the world, “We believe millennials may become the greatest generation of this century, driven by their entrepreneurial dreams and their desire to support conscience-minded businesses.”

Brown also noted more recent research efforts confirm””and amplify””the findings of the Deloitte study:

  • In a survey of millennials by Bentley University, only 13% said their career goal involved climbing the corporate ladder to become CEO or president.
  • By contrast, two-thirds (67%) said their goal involved starting their own business.
  • A Rasmussen College study found that 60% of millennial respondents already consider themselves entrepreneurs, with ideas, capital, and plans for startup endeavors.
  • Of those in “regular” jobs, 71% expressed a desire to quit and work for themselves, and 60% said they plan to leave within the next two years.

The urge toward entrepreneurialism is an international phenomenon, as indicated by a recent Forbes/Societe Generale white paper on global entrepreneurship. However, while being entrepreneurial is a mindset, the report cautions that entrepreneurs cannot fully flourish without the right social, legal, and political conditions. Brown, one of the global entrepreneurs interviewed for the study, said these conditions are particularly robust in the United States. “The U.S.,” Brown commented, “fosters a pro-business climate, which is supported by our Constitution and legal system.”

Payscout’s primary mission is to support the entrepreneurial dream one transaction at a time. This involves simplifying the merchant and customer experience to ultimately reduce payment costs and improve conversions for global payment acceptance; in the process, it provides help and guidance to entrepreneurs on a daily basis. Based on this experience, and his observations of the global business climate, Brown offers some suggestions as to the characteristics needed by business leaders of the future.

Focus. Future business leaders will need a focused vision in order to be successful. Competition and the abundance of ideas will force future entrepreneurs to home in on what makes their product or service more valuable, more efficient, or more necessary than the rest of the field.

Critical thinking. They will also need to develop a capacity for advanced critical thinking as the way we do business continues to change. Already, we can see the workplace taking steps toward “alternative” work styles: working from home, open-plan office spaces, standing desks, different work hours. Critical thinking will be a huge factor in how the workplace develops as millennials who abide by a “work smarter, not harder” mentality take leadership roles.

Tolerance for risk. Future leaders should have a willingness to take strategic risks. This is something we are seeing in millennials and young adults. They are more willing to forgo the traditional nine to five job in search of one that is more fulfilling and allows them to work for themselves.

Clarity. As the world we live in becomes even more advanced and complex, we need leaders who will take measures to simplify these complexities. Technology in and of itself can compound things, and so cutting through the fat is essential.

Responsibility. These future leaders need to lead by example, shifting toward emotionally intelligent and responsible governance. Corporate social responsibility is going to be a necessity, and an expectation, for all leaders to promote and carry out.

Empathy. Finally, cultural empathy will be key. As our world becomes more entwined and interconnected, we will be working with those who may have cultural and philosophical differences. Future American leaders will need to educate themselves about other cultures and remain receptive to the way others live and work.

“Millennials are seeking our help setting up payment services and extending them as they begin doing business around the globe,” says Brown. “As we work with them, we see that many of them already possess these capabilities. We have witnessed the development of a work ethic based on working smart, rather than the old mantra of success through long, hard hours. Millennials love to innovate and adopt technology to get results efficiently””an excellent skill set for entrepreneurs. We believe the sky is the limit for this generation, and it is a major part of our mission to continue helping them realize their dreams.”

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