Corporate Brain Drain: Millennials Are A Generation of Entrepreneurs
Brett February 9th, 2009
Many people have wrongly classified Millennials and other young professionals as lazy and self-centered, but I believe this stereotype results from this generation defining success differently than previous generations. Unlike their predecessors, this group has been taught to push the envelope and not simply define success as receiving the golden watch after 25 plus years of service at a company. Millennials have watched their parents work 9-5 each day, only to be later downsized and out of work 20 years into their careers, and as a result, young professionals have expanded their definition of success to places outside of work. A young professional’s accomplishments in their career are only a small piece of the total picture, which now encompasses personal growth, constant learning, a strong family life, and a sense of accomplishment when everything is said and done. Millennials want to blaze their own path and most especially control their own destiny. As Mr. Michael Malone writes in his article “The Next American Frontier” (Wall Street Journal, May 19, 2008), the Millennials have become a generation of entrepreneurs.
For the first time in American history, according to Mr. Malone, 18 to 24 year olds are starting companies at a faster rate than 35-44 year olds. I think this fact demonstrates how wrong the general perception of Millennials is. Young professionals are not lazy, they are trail blazers, and they are innovators in its purist form: entrepreneurs. Mr. Malone has finally given voice to what this generation wants: that it is ok to want more, to look to new horizons, to constantly expand your knowledge base to stay competitive, and to say no to the regular corporate job.
I believe that in the coming years the entrepreneurial aspect of the Gen Ys has to be tapped in order for companies to stay relevant and competitive. Unfortunately so much of this creativity gets stifled in corporate seniority and bureaucracy, and as I have read in far too many articles: some senior managers are excited by this recession because they can finally ‘teach’ Gen Ys how to respect their elders and how to put in an ‘honest day’s work’. Times like these are not when we should ‘buckle down, go back to the old way, and weather the storm’ because those were the ways that failed us the first time. The world has changed. It is fast. It is global. And it is all connected. These times demand a new vision, new ideas, and new leadership, and those companies that manage to leverage these young minds have the opportunity to invigorate tired corporations while developing disruptive products and unseen markets. It takes a leap of faith on the part of management, but isn’t taking a calculated risk what this country is all about?
This is hilarious because just this morning I read an article which said millennials are NOT entrepreneurial due to all of our lazy, warm fuzzy, negative aspects.
Basically that we watched too much Barney and Mr. Rogers to be able to withstand the hardships entrepreneurs face.
I will try to find it again to compare, and I’m definitely sending this to the author of that article.
Here it is: http://raisingentrepreneurs.org/blog/2009/02/09/are-our-kids-too-soft-to-be-entrepreneurs/
Brett – very smart post. As more and more Gen-Y’s see this recession show the true colors of many corporations, it opens their eyes to begin looking for a better way. Businesses are cheaper and easier to start, test and launch and overhead is simply a laptop and a coffee shop (at least in the beginning).
Hopefully as Millennial companies come to fruition and grow, they will instill values that affect everyone in the company and create positive work environments that are stronger than charts, x’s and o’s and bottom lines.
As a small business owner myself, with a team of 3, I hope that I can create a culture worth building upon and never have to lay someone off due to “my” corporate mistakes.