We are seeing such growth in entrepreneurship right now. Of course, the UAE has always been a place that fosters the perfect conditions for new businesses, but the current global trend is towards younger and younger entrepreneurs.
A decade of Forbes’ magazine’s ‘30 Under 30’ underlines the growth and effect of this ever-expanding cohort of young, ambitious, business-savvy people, who are taking a different approach to life and work.
Perhaps it’s because they’ve watched parents and grandparents working hard, struggling financially and not really enjoying life, but it is also because technology has given rise to a plethora of exciting new roles that can be performed from anywhere, and provided everyone with access to the world’s greatest library of resources.
Traditional work ethics have shifted, just as the pandemic taught us all how we can’t rely on job security and working from home does actually work for most of us.
People aren’t so inclined towards being tied to ‘the office’ anymore and working for yourself, in most cases, means you can work when you like and where you like. It, therefore, offers appealing freedom to the younger generations who are shunning many societal norms – like taking a mortgage, working the 9 to 5, ‘settling down’ and living for the weekend.
While the term ‘Millennipreneurs’ – Millennial entrepreneurs – hasn’t really caught on, research (*) shows that those under 35 are starting their own businesses at a phenomenal rate.
Of course, social media has a big influence on steering the economic Zeitgeist, and we are bombarded every day with positive thinking messages, images of alternative lifestyles from those eschewing the 9 to 5, and, of course, news and information regarding some of the world’s most famous entrepreneurs, from Elon Musk to Arianna Huffington.
Entrepreneurship is cool, co-working spaces occupy some of the hippest spots in most of the world’s cities, and everyone is looking to create or back the latest ‘killer app.’
Governments globally have played their hand, of course, encouraging and funding entrepreneurship programmes to help offset unemployment, boost their economies and reap the wider societal benefits – after all, entrepreneurs create jobs, increase innovation, raise competition and are responsive to changing economic opportunities and trends.
The OECD suggests that youth unemployment leads to health issues, and increases the likelihood of poorer wages and being without a job later life. So, clearly, there are wide benefits to encouraging entrepreneurship among the younger generations.
Research by Human Resources and Workforce Management News has revealed that Millennials – and certainly Gen Z – want meaningful work. Suggests that youth unemployment leads to health issues and increases the likelihood of poorer wages and being without a job later life. So, clearly, there are wide benefits to encouraging entrepreneurship among the younger generations.
Research has revealed that Millennials – and certainly Gen Z – want meaningful work. That might not be too radical a change from their parents, but what’s different is that they are more vocal in their needs, and more willing to pursue that meaningful work under their own steam. According to Forbes, “77 percent of millennials say that flexible work hours are a key to productivity in the workplace.”
Greater knowledge of entrepreneurship, greater access to technology, a desire to pursue meaningful work without the shackles of a large corporation, and a lack of trust in traditional work models and practices has led to a situation where one in three people under 35 have said they’d like to be an entrepreneur.
The world is changing, and young entrepreneurs are leading that change. We must not ignore this!
(*) Source: Super Founders: What Data Reveals About Billion-Dollar Startups by Ali Tamaseb
