“If you are large company why change your culture to ‘pander’ to the expectations of the new and (usually)small kids on the block. The answer is, of course, that today’s CEO startups are not only tomorrow’s businesses leaders, they are also – in the here and now – a source of innovation and talent”
“Every upcoming generation is something of a mystery to those who born a decade or so earlier”. As marketers, we would like to reach a generation that doesn’t play by the same media consumption rules as its predecessors. As employers, we expect that 18 to 30 years old are coming to the workplace with a new and unfamiliar set of expectations. So how exactly can we attract and retain the best young talent? The millennial generation is not simply comprised of consumers and employees. The startup culture that is so much part of modern life is increasingly dominated by those who are still less than ten or fifteen years out from university or school. If you run an established business, it is increasingly millennials you will be buying from or partnering with. If you are an investor, they represent your opportunity. So who are the millennial entrepreneurs? A new survey commissioned by UK headquartered accountancy firm Sage aims to find out drawing on responses from 7,500 18-33 years olds in Europe, the US, Africa, Asia and Australia. According to Kriti Sharma —global director of mobile product management at Sage—, the aim of this survey was to understand the values and motivations of this generation. However, it also begs the question of whether the motivation that lies behind setting up a business differs significantly between one generation and another. Kriti Sharma says that “the motives of millennial entrepreneurs are quite different”. It could be best illustrated by attitudes to work/life balance and profit. A third of the sample wants their businesses to grow and another third want their businesses to become huge. One thing the survey does make clear is an impatience with obstacles that get in the way of business progress. When asked about barriers to work, 43% named bureaucracy and red tape as “demotivating”. Sharma believes that big companies should be making it easier for startups to do business with them. “Big companies are becoming more collaborative and they are more prepared to work with startups on projects”. “It is important for big companies to create the right environment to work with startups – and to approach projects with the right values and mindset”.