The digital space and the rise of millennial entrepreneurs

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Majority of today’s millennials work in offices. However, most of them are very much eager to pursue careers outside the corporate world. In fact, a growing number from this generation is starting to build their own businesses—many of which have promising concepts or taking on unconventional paths. What’s holding back most of these individuals from becoming full-time entrepreneurs, however, is the lack of sufficient resources and a sound business plan. But that is changing rather quickly.

Most millennials are still in their 20s and have inherited an already flawed world. The financial crisis of the late 2000s has made these young, talented people more cautious about their every move but not to the point that they will suppress their appetite for adventurous endeavors. They take risks, but they do it with restraint and are somehow more open to failure than Baby Boomers were. Growing in a ‘transition age’ between the old and the new, this generation has become emboldened by technology and molded by major world events.

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Social media plays a key role in the rise of millennial entrepreneurs. This low-cost but remarkably effective marketing and customer interaction platform is making it possible for the young to build their business strategically, starting small and hopefully ending up big. Social media is perhaps this generation’s defining aspect, so much so that the world’s biggest online networking site was actually invented by a millennial, Mark Zuckerberg.

While big success stories aren’t too common (yet) among the millennial generation as far as business making is concerned, the digital space is making it easier for them to expand their market, boost their brand, and offer a wider range of products or services. The millennials are a new generation of business people, who mainly capitalize on technology to serve their target markets and are banking on the older generations’ mistakes to make more prudent business decisions.

The millennials are also a unique group of consumers. In fact, they are currently the most prized costumers by companies of all sizes. But because millennial businesses know their own market much more deeply, they have the upper hand to dominate this demographic. The result is a dynamic and thriving business playfield that the world has never seen before.