Maybe it began with selling a few products over their Facebook page or monetizing a YouTube video gone viral? How ever they caught the entrepreneurial bug, our youngest adult demographic are grabbing the reins on their own businesses – and quickly changing many of the rules.
Although often stereotyped as spoiled and entitled, Generation Y’s or Millennials are proving to be very effective business owners. The 2016 BNP Paribas Global Entrepreneur Report reveals they have launched about twice as many businesses as boomers have—nearly 8 companies each versus 3 to 4 for boomers. These ‘millennipreneurs’, as the BNP Paribas study calls them, are not only starting more companies, they’re also managing bigger staffs, and targeting higher profits than their baby boomer predecessors. Almost 75% of Millennials expected their profits to increase in the coming year as compared to just 42% of boomers.
Need help getting your small business up to speed with the latest HR technology? Contact Ceridian today!