Why Millennials Want to Be Their Own Boss

3 major reasons Millennials are taking the reins in their careers

Why Millennials Want to Be Their Own Boss

The Millennial generation is a force to be reckoned with in the workplace. Many came out of college in the middle of the Great Recession and are just now getting settled in their careers. In fact, back in 2015, Millennials edged out Gen X as the largest generation in the US workforce.

But Millennials don’t want to be another cog in the machine. True to form, Millennials are looking for purpose and fulfillment in their careers. Not only do they want to enjoy their careers, they want to be in control.

Here are three reasons why Millennials want to be their own boss, according to Forbes:

1.Millennials don’t trust the status quo.

Millennials are not like their Baby Boomer parents, who stayed in the same career – and even company – for decades. Instead, Millennials have worked to gain experience in multiple fields and honed many different skill-sets before settling into the “right” job.

Even then, 60% of Millennials currently employed are open to a new job opportunity.

2.Millennials want control over their money.

Millennials may not be as frugal as their Gen Z counterparts, but living through a recession inspired them take caution with money. They are distrustful of the stock market and prefer to handle money themselves. This self-confidence has boosted their drive to not only be their own boss, but also to create their own businesses.

Roughly 75% of the 2,000 top-earning Millennials surveyed thought it was likely that they’d start their own company.

  1. Millennials have a non-traditional view of leadership.

In a recent study by WorkplaceTrends, nearly 50% of Millennials defined leadership as empowering others to succeed rather than selecting the actual definition. In their eyes, leadership is about collaboration.

Not only are Millennials great at being their own bosses, but they’re great assets to already-existing companies since they tend to inspire those who work for them. 

“When Millennials get the opportunity to take the wheel, they’ll bring others up with them so the job market becomes a more positive place driven by teamwork,” says Sarah Landrum for Forbes. “They know what it’s like to face hardships alone, so they want to change the workplace to make sure it doesn’t happen to the generation that comes after them.”

Does Gen Z – the generation after Millennials – have this same proclivity for leadership? From what we’ve learned so far in our National 2017 State of Gen Z Study, they are showing a strong work ethic and an entrepreneurial spirit.

Download your free copy of the national study to learn more about the similarities and differences between these two influential generations.

Do have a generational challenge with sales, marketing, strategy, or employment that you want solved? Contact us. Our talent is driving measurable results across generations. Email us here if you’d like a little info on our customized generational speaking, research, and consulting.

Interested in more cool stats, facts, and insights for bridging generations? Follow us on @GenHQ and @JasonDorsey. We are passionate about sharing our latest generational discoveries.

Generations Millennials / Gen Y Workplace & Leadership

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