Given that the recession period is over and the Australian economy has somewhat stabilised, it’s no surprise that there has been an increased number of entrepreneurial business activity over the last three years.
The Global Entrepreneurship Monitor (GEM) surveyed 45 different countries to measure entrepreneurial business trends and results showed that innovation-driven economies, such as Australia have had a 10% increase in total entrepreneurial employee activity since 2013.
The introduction of new technologies as well as a change in cultural acceptance and social responsibility can be linked to the increase in entrepreneurs today.
Who are they?
At 20 to 30 years old, we welcome millennials as the new generation of entrepreneurs. Millennials are already going bigger and better than their their baby boomer ancestors by opening twice as many companies and targeting higher revenue. This data comes from the 2016 BNP Paribas Global Entrepreneurs Report.
Technology savvy millennials are also using their knowledge of social media to their advantage as powerful business marketing tools. Along with this they are utilising their knowledge of the online marketplace to create cost-effective online businesses.
In contrast to boomers, the millennial generation care less about career loyalty and progressing up the career ladder. The Millennial Careers: 2020 Vision report from Manpower published on World Economic Forum showed only 16% planned on staying with their current employer more than 10 years.
Another survey also showed millennials have different work values to their predecessors. A good work/ life balance, leadership opportunities, flexible working, work meaning and professional development were the top five important values for millennials (2016 Deloitte Millennial Survey). This clearly reflects why entrepreneurship is attractive to millennials, as it meets most of their core ideal and they are less worried about job security.
Dream of being an Entrepreneur? Consider Broking.
Want to hear about a cool job that will tick all the boxes? Keep reading. In short, a brokers job is to act as a middle man between a buyer and a seller. There are many advantages of pursuing a career as a broker which align perfectly with the values of the millennial generation.
Say goodbye to the daily nine-to-five grind! Brokers run their own business so they have flexibility of planning how much work they do and when they do it. They also have the ability to work remotely from their destination of choice. Brokers enjoy a great sense of meaning as their job allows them meet different people everyday and help them achieve their dreams. Brokers help their customers find the best loan and get a great sense of gratification knowing they have assisted others in some of the most important decisions of their lives.
Want continued support and education so you can keep progressing? You’re in the right place. Although being a broker means running your own business, there is plenty of support and education available along the way.
Professional development and education forms part of compliance which is a legal requirement for brokers and is regularly provided by industry bodies. This is great because it means brokers are always well informed and equipped with the most up to date knowledge in their industry. Brokers can also exercise their leadership qualities by hiring support staff to work for them and using their own skills to teach them.
Disclaimer: The information provided in this article is not legal or financial advice. It has been prepared without taking into account your objectives, situation or needs. Before acting on this information, you should consider the appropriateness of the recommendations, having regard to your own objectives, situation and needs. We encourage you to consult a professional before acting on any suggestions provided in this article or on this website.