Naperville Business Lawyer Discusses Millennials Becoming Next Wave of Successful Entrepreneurs

Naperville business law attorneyOver the last decade or so, much has been said and written about the various ways that so-called “Millennials” are different from the generations that preceded them. Unfortunately, most of what is being said is not entirely complimentary, as Millennials have been called lazy and unmotivated, and they have been blamed for the decline of popularity of things like beer, casual dining restaurants, and homeownership, just to name a few.

In my practice as a business law attorney, I have worked with many young adults, however, who have marketable ideas for new companies. Some business experts even suggest that the generation known as Millennials may now be poised for unprecedented levels of business success.

Who Are Millennials?

It is nearly impossible to narrow down a generation to specific years, as there is always some overlap, but Millennials are generally considered to have been born between roughly 1982 and the early 2000s. They were briefly known as Generation Y—thanks to the preceding Generation X—but that name gave way to “Millennials” as the first of the generation began coming of age in the early 2000s. Interestingly enough, a majority of individuals born during the time associated with Millennials identify as part of that generation—a marked departure from Baby Boomers and Gen-Xers.

The Existing Problems

As a whole, Millennials graduated high school around the time that the Great Recession hit, and good-paying jobs were hard to find. As a result, Millennials took low-paying, less-rewarding jobs or stayed in school, accumulating previously unheard of levels of student debt. Many continued living with their parents or squeezing into apartments with roommates rather than borrowing even more to buy a home. On the surface, this would hardly seem like the breeding ground for success.

A World of Advantages

On the other side of the equation, Millennials were the first generation to grow up with the internet and cell phones. They were the first to flock to social media, and they know how to use the internet to find what they need—including startup capital, thanks to crowdfunding sources like Kickstarter.

Millennials, as a generation, are also socially and environmentally conscious. They derive ideas out of unmet needs around them. Young entrepreneurs have built businesses around recycling, fighting global hunger and poverty, clean water, and alternative energy products.

Flexibility is also important to this generation, as they see the days of reporting to an office as ancient history when the same tasks can be done just as easily from home or a coffee shop. They are also less interested in 80 to 100-hour work weeks, so innovators are finding ways to accomplish more in a shorter amount of time. Work-life balance is especially important—even more so than additional profits.

A Future in the Making

There are already a number of examples of Millennials who have begun making an impact on the business world as we know it today, and, many of them are in tech-based fields. Mark Zuckerberg, co-founder and current CEO of Facebook, is probably the most well-known, but others like Brian Chesky, the founder of Airbnb, and Jessica Alba, the actress-turned-entrepreneur who founded The Honest Company, have shown what Millennials can accomplish in the right situation.

If you are part of the Millennial generation and you have an idea for a business venture, contact an experienced business law attorney in Naperville. At The Gierach Law Firm, we provide trusted guidance and responsible representation for business owners of all types, and we look forward to helping you get your idea off the ground. Call 630-756-1160 for a confidential consultation today.

 

Sources:

USA Today

Business Insider

Inc.com