Study conducted by Sage analyzes the motivations and
profiles of young entrepreneurs in 16 countries
Contrary to generalizations around the behavior of this generation, research shows that young business leaders have distinct qualities in the workplace that divide them into five profiles:
planners – extremely methodical in the way they work, they like to carefully plan all the steps to success. They are ambitious, never take anything for the value of appearance and are often questioning;
Technical – love their jobs and can't stand the idea of having nothing to do. They rely on the power and efficiency of technology to always stay one step ahead of the competition. They believe in their ability to retain and win new customers;
instinctual explorers – love the unknown and love to explore new territories. They trust their instincts and the “weapons” they have. They value the modern image they convey, as well as the legacy they hope to leave;
realistic – ingenious, but they tend to tie business success to technology rather than themselves. They alternate decision-making between letting go of instinct and taking on more technical approaches;
Thrill Seekers – as they are easily bored, they are always looking for the next challenge and don't care about appearances. They work best in the company of others and believe the idea of having a “social impact” is overrated.
One of the main trends shown by the study is the desire of young entrepreneurs to make a difference. Providing a “social good” is especially important for Millennials in Brazil (81%) and South Africa (80%). Respondents in Switzerland (24%), Australia (20%) and France (19%) say employee happiness is a motivating factor, while 34% say they started a business with the intention of owning their own destiny.
Regarding the balance between professional and personal life, 66% claim to value leisure over work. For respondents in Brazil (71%), Australia (70%), Belgium (70%), Singapore (73%) and Switzerland (70%), the reduction in working hours and the possibility of early retirement are factors considered important.
Opening more than one business is Millennials' 62% desire. Of this total, 52% say they should undertake more often, as they have many ideas they want to share with the world. “Brazil stands out in this regard. Around here, young people are discovering entrepreneurship earlier and earlier, and 72% of those interviewed declared that they already have plans to own at least two companies. They yearn to be able to turn their ideas into reality and to be their own bosses,” says Jorge Santos Carneiro, president of Sage in Brazil.
Kriti Sharma, Sage's director of mobile product management, explains: "As a Millennial entrepreneur, I understand like no one else that this generation is shaking things up. We reject pre-established patterns of work and make technology work in our favor. We are willing to work hard, but we want flexibility in how, when and with whom we do business”.
“Generation Y entrepreneurs have a huge role to play in the economy, particularly in the start-up space, and they are shaping workplaces,” says Stephen Kelly, CEO of Sage. “However, we cannot group them into a homogeneous stereotype. Our research shows that they fit different profiles, with different hopes, fears, concerns and ways of working. They will be our next generation of business leaders and the heroes of the economy, and understanding what their motivations are today sets us on the right path for the future. This is important for anyone who wants to do business with these young entrepreneurs, buy from them, hire them or create policies to help them grow”, he concludes.
Research highlights:
· 61% say they can sacrifice company profit to stay true to their own values – even more so in South Africa (78%), USA (70%) and Singapore (72%);
· 66% say that personal life comes before work. The statement is even more relevant for respondents from Spain (79% versus 21%), Portugal (75% versus 25%) and France (65% versus 35%);
· One in three (34%) is driven by the desire to be master of their own destiny, ahead of the desire to make money (21%);
· Doing social good is especially important in Brazil (81%) and South Africa (80%).
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