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What Makes Millennial Entrepreneurs Tick

Yaj Malik, EVP and Managing Director, Sage Asia | Nov. 30, 2016
A recent survey have found Singapore millennials to be more likely to plan or start a business or be self-employed in the next ten years

This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.

Today, we are increasingly dependent on a new generation of entrepreneurs to drive innovation and growth. I am referring to the millennial entrepreneurs.

Globally, millennial entrepreneurs are starting more businesses, managing more people, and targeting higher profits compared to previous generations. Similarly in Singapore, a recent survey have found millennials to be more likely to plan or start a business or be self-employed in the next ten years

Millennial entrepreneurs are shaking things up. They are rejecting established business approaches and work styles. They are not afraid to experiment and innovate. They are accustomed to using technology to drive efficiency or productivity. They are not afraid to work hard but at the same time want flexibility.

But before I make more generalisations of this group of individuals, I should emphasize that millennial entrepreneurs come with great diversity. At Sage, we recently conducted a study into 7,400 millennial entrepreneurs around the world, and what we found out was revealing to say the least. Here is a quick snapshot.

Diverse group of individuals

From the Sage Walk with Me study, we found that millennial entrepreneurs can be grouped into five very different groups based on their behavioural traits and the way they go about approaching their business

·      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.

 

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