Millennials: Turning Business Ideas Into Business Success
Millennials may be better tagged as the Entrepreneur Generation. This is a generation that’s not afraid to take a shot with a startup business. Even those working at established companies tend to have the kind of nimble, think-outside-the-box approach that’s essential for entrepreneurial success.
While past generations may have dreamed of prestige and the traditional job perks that come with executive status, a recent Forbes article argues that most Millennials have different goals, namely independence over a corner office. More than 65 percent of Millennials claim a career goal of starting their own business. Only 13 percent say they strive to be a corporate CEO or president. Why? Fred Tuffile, director of Bentley’s Entrepreneurial Studies program, explains Millennials’ stance this way: “They have watched their relatives get fired and their peers sit in cubicles and they think, ‘There has to be a better way’.” In addition, technology makes it easier than ever to see if a new idea has wings; there’s no longer a large risk required to set up an actual brick and mortar store. As Tuffile says, “Millennials are realizing that starting a company, even if it crashes and burns, teaches them more in two years than sitting in a cubicle for 20 years.”
But here’s the thing: although Millennials aren’t afraid to try a new venture, they are risk adverse when it comes to protecting their business. In fact, Millennial small business owners are more likely than those from the Gen X or Baby Boomer eras to plan for natural disasters, retirement benefits, cyberattacks and business succession. Of course, at MJ, we’re always excited to help any entrepreneur protect a new business launch, because there’s a lot to think about with a new business, even if it only operates in cyberspace.
Once you’re ready to unleash that new concept you’ve been thinking about for ages, I hope you’ll let our MJ experts give you some risk management ideas and basic insurance requirements that you should definitely have in place before that first sale. From there, coverage can expand as your needs grow. Even if you’re just considering a quick trial period to see how the entrepreneur title fits and feels, we hope you’ll give us the chance to help you on your way. What’s your great idea? We’d love to know! Comment below or give us a call at 317-805-7500.