Millennials and the Rise of Social Entrepreneurship
Millennials, or Gen Yer’s, have developed a bit of a bad rap with their older Generation X brethren. The Millennial generation is viewed by their elders as narcissistic and unwilling to work hard for success. It is true, that the way Millennials do many things is a complete 180 degree turn from the way things were done in previous generations. It is a social generation, and there is no bigger representation of that trend than in the growing rise in social entrepreneurship, especially when it comes to millennial entrepreneurs.
Social entrepreneurship represents a departure from the way business was done in the past. No longer are bottom lines and profit margins the number one measure of success for many entrepreneurs. Social entrepreneurs seek to integrate business techniques into solving a social problem. The true measure of success for social ventures is the positive impact to society. Many millennial entrepreneurs take this balanced world view when starting their business, and the generation’s worldview is uniquely suited to creating businesses that create a greater benefit to the world than high profit margins.
Finding a Purpose. Gen Xer’s may look down their noses at young people who are still struggling to define their passion. Millennials want to find a purpose in their careers, rather than just focusing on earning a paycheck. This new view has resulted in a hesitance to accept a corporate desk job and a willingness to set out on your own.
Creating Connections. The Internet has given this generation an ability to connect with cultures across the world. Now, the suffering in the poorest countries in the world seems closer and more tangible. This generation feels truly connected to the human race in all regions of the world, making it easier to understand the suffering and bring positive change. The world is at our fingertips and we are willing to change it.
Be a Part of Something. This is a generation that yearns to connect with others. That means teaming up with like minded individuals to create great things. Millennials are willing to collaborate with others for the greater good and are not so concerned with personal success in light of the overall success of the team. Working with others is fulfilling, especially when they share your own personal world views and outlook. There is a reason many social enterprises are comprised of only Gen Yer’s.
Let’s not look down on our younger fellows, the Millennials. For years, young people fresh out of college have been seeking to find themselves. An old episode of Frasier featured a visit from an out-of-town cousin in her twenties. This show, from the mid-nineties, perfectly portrayed a stereotypical Millennial. The character was travelling the world, not holding a steady job, and highly idealistic and certain that only her views were correct. There were flower children and hippies in the Sixties and Seventies, and acid rockers in the Eighties. It’s not a new development that young people are young, restless, and hell-bent on changing the world. It’s just now that they have social media to broadcast their every thought (their detractors have the same ability as well).
Social entrepreneurship should be embraced whole-heartedly, and not just as a trend. There is more to business and life than making money and turning in stellar growth numbers. There are ways for business to have an impact but also give back. These are things that the younger generation does understand, as they have not become jaded by the world around them. We’ve all been at a point in our life where we want to, and generally feel that we can, change the world. Most of us lose that vision, but not everyone does. These are the social entrepreneurs, the ones we should embrace and trumpet. Millennials with an eye on making the world a better place truly will accomplish great things, but only if we get out of their way and aid in the process.
