Ever since they started to come of age, millennials have been a generation that has fascinated the media. The millennial generation is even larger than the baby boomer generation, and since they were born between 1980 and 2000, they grew up in a time of rapid change that has created very different priorities and expectations compared to other generations. They are the future workers, leaders and business owners of tomorrow, and this has everyone from the government to marketing departments trying to figure them out.
Considering the general differences, it is logical to predict that millennial entrepreneurs would be somewhat different from entrepreneurs of other generations. Positive evidence for this hypothesis has just been released by HSBC Private Bank, whose study Introducing Essence of Enterprise detected several ways in which millennial entrepreneurs are unique.
Millennial Entrepreneurs Are Earning Higher Revenue
Millennial entrepreneurs are running very successful businesses, especially when compared to other generations. The survey found that businesses run by millennials (under 35) generate 141 percent higher revenue than businesses run by older entrepreneurs. That’s a huge difference when you look at averages, with millennial-run companies making an average of $11.5 million USD and companies run by older entrepreneurs making an average of $4.8 million USD.
Millennial Entrepreneurs Are Job Creators
Millennials are also helping their local economies by employing more workers within their businesses than older entrepreneurs. The survey found that the main businesses of millennial entrepreneurs employ almost double the staff of companies run by entrepreneurs over 35. The average is 123 employees for millennial-run companies compared to 58 employees for other business owners.
Women Millennial Entrepreneurs Are Thriving
Although gender stereotypes regarding business leadership skills still persist, women in the millennial generation are rising above these biases to start their own companies. The study found that 47 percent of all millennial entrepreneurs are female while only 26 percent of entrepreneurs over 55 are female.
Millennial Entrepreneurs Are Philanthropists
Giving back is particularly important for millennial entrepreneurs. The survey found that the vast majority (79 percent, nearly 4 out of 5) are actively involved in philanthropic activities. Among the most successful millennial entrepreneurs, that number raises to 89 percent.
Millennials have gotten a bad rap in the past for being overly optimistic and thinking they can change the world. In fact, some have said that millennials have “a level of optimism that most people think is almost silly.” However, the HSBC Private Bank survey shows that such optimism is justified if you have the motivation and drive to back it up with actions.
Millennial entrepreneurs are indeed changing the world around us, both on a local and global scale. Other publications have talked about the benefits of hiring millennial workers. This study shows that there are also plenty of benefits of being employed by a millennial business owner.