New research has given some insight into what drives the new generation of entrepreneurs. According to Sage’s new Walk with Me study, there are five types of ‘millennial entrepreneurs’, and most are driven by ‘a desire for independence, a belief in social good and a commitment to employee happiness’.
The five types are distinct, says Sage, and show that each start up has a different ethos from the next. They now fall into 5 camps:
The Principled Planners – extremely methodical in their approach to work, they enjoy carefully planning for success. With an ambitious streak, they never take anything at face value and always ask a lot of questions.
The Driven Techies – love their work and can’t bear the thought of sitting around twiddling their thumbs, they trust in the power and efficiency of innovative technology to keep them one step ahead of the competition. They have a strong belief in its ability to accurately target their existing and future customers.
The Instinctive Explorers – cavalier, they love the unknown, as well as exploring uncharted territory. They trust their gut instincts and stick to their guns. A modern image is extremely important to them, as is leaving a legacy behind to be remembered by.
The Real Worlders – resourceful, but likely to say they rely on technology in order to succeed. When it comes to their approach to work and making decisions, they tend to alternate between going on gut instinct and taking a more methodical approach.
The Thrill-Seekers – easily bored and always on the lookout for the next challenge, they couldn’t care less about appearances. They work best around others and believe that making a social impact is overrated.
A strong desire for control over working life
The global picture of entrepreneur ambitions shows that doing social good is especially important to young entrepreneurs in South Africa (80%) and Brazil (81%) compared to other countries.
As far as the UK is concerned, the most commonly cited motivation for those starting businesses is the desire for control and autonomy over their career. British entrepreneurs were also “second most likely to put work before pleasure with 42% saying they prioritise business over socialising. Only Belgium was higher, scoring 43% for this question.”
Kriti Sharma, Director, Product Management, Mobile, Sage, explains, “As a millennial entrepreneur myself I know first-hand that this business group are shaking things up. We’re rejecting established patterns of working and making technology work for us. We see business through a new lens. We’re willing to work hard, but want flexibility in how, when and with whom we do business.”