Gen Y – the last generation of entrepreneurs?
The term ‘Generation Y’ refers not only to people born between 1977 and 2000, but to a cohort with its own independent mind set who believe that self-employment is more secure and rewarding than a full-time job. Gen Y is not very devoted to the corporate world, which results in frequent job flipping and vastly ambitious enrollment in entrepreneurial activities.
This generation of young Internet savvy and technologically sophisticated employees is searching for higher levels of independence and personal liberty demanding up-to-date transformation of the work place setting, which would serve their needs and benefit the organizations’ working environment and business goals. When their suggestions receive no feedback; when they no longer feel accomplished and don’t expect to be able to bring change into an organization, Gen Y’s seek out for other employment opportunities or engage in entrepreneurship.
According to Inc. magazine 80% of academic institutions in the United States today offer courses on entrepreneurship and half of all new college grads believe running a small private venture is less risky than having a corporate job. Generally Gen Y’s are naturally collaborative, talented, and open minded. They are ready and willing to change, which in my opinion will help them get through the hardships of recession easier than to their preceding generations who will be going over terrible stress losing their careers built over decades. If Generation Y was a company its slogan would be “work to live, not live to work”, because of the healthy egoism regarding long office hours and conservative policies in the working environment.
Certainly many younger representatives of this generation are considered underdeveloped, lazy, and selfish users that move home after graduating college and then fool around doing nothing but spending their parents’ money. They are self-involved, greedy, and expect their actions to be consequence-free. But every family has a black sheep and I would characterize those as a part of the next generation, which might have somewhat merged with Generation Y, Gen Z.
Generation Z, the offspring of generation X, or also as some social scholars call it the “Virtual Generation” or “The New Silent Generation”, unlike Gen Y, the early adopters of high tech, were born into a world of digital technology. They are now growing up with laptops, cell phones, and Internet. They are visually educated and entertained which means they are exposed to marketing and teenage mass culture from the early age. This defines them as important consumers, especially since they have great influence over their “less technologically bright” parents.
These kids soon will be using RSS without knowing it is actually called RSS. And without any exposure and interest in how the things are created they will simply become blind users. Yes, they are multitaskers. But what kind of job do you need to take up to send text messages on Blackberry, talk on the phone, and browse the internet at the same time? Not a very important one. Within the next several years this generation of short attention span, laziness, and extreme obesity will comprise 10% of the workforce with the greater amount of people retiring than ever before.
This being said, I’m afraid that Generation Y will be the last cohort of true entrepreneurs who will later on turn their small private ventures into corporation-like organizations which will be inherited by their children. The Silent Generation Z will be the mere employees of these organizations with only such short term goals like satisfying the urge for technological upgrades, and other consumerism related needs. What do you think?
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well, i don’t think thats necessarily true, i think that there will be a different kind of entrepreneurs in coming generations, they are side projects that someday make it big, i think they will be under the radar until its too late. i could see that being the next big wave.
Gosh, I hope you are wrong about Gen Z, sounds really depressing. Actually sounds like the 50s doesn’t it?
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I have two children that are Gen Y’s. Both are extremely technology gifted, but I do sense of laziness in them. I push them, but they feel they will always get what they want. I suspose this is partly my fault for building their ego’s up, but why not…when they hit the real world they will realize it sucks.
I think you might have something there. My kids are not going to take over my small company with out learning the ins and outs of it.I cant change the world but i can help change mine.
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Well, i don’t think thats necessarily true, i think that there will be a different kind of entrepreneurs in coming generations, because now a days everyone want to own a big market, and trophy goes to who wins in this competition. We can’t prioritize full time job with Self-employment, this will be foolish thing to compare both of them, because everyone dont have same ability, some have ability to dominate while some are happy with what they get, lol.
I think that generation y know alot about technology, as we have grwon up with it. It is great to have the skills and independance to be able to work from home and be self employed…the internet has opened up so many opprtunites for those who are technology and internet savvy.
I think Gen Z will bring on an age where if you are not listed in the virtual world as a business you can not be successful.
I consider myself in generation Y, and I’d easily give up facebook over email. Email is a hub of communication with /everyone/ and /everything/ - teachers, co-workers, bosses, family members, friends - all the “old folks” and all the “young folks” use email. In particular, my university sends out all important updates and alerts through email.
so exciting, i m waiting the time when our kids will learn everything electronically, and i think the time has came they are grasping everything so fast that we need to hold on for some moments inorder to know how did they do that ?
Its hard for a current generation to understand the mindset of other generations, but somehow each makes its own way. Did your parents understand you?
I consider myself in generation Y too )
Gen Y may not know what RSS is called, but I believe thee will always be continuous development of new ideas and businesses will sprout from those ideas.
I think I am generation Y, and I know what RSS is.
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