WHY MILLENNIALS SWITCHING TO ENTREPRENEURSHIP FROM TRADITIONAL WORKING
Small Enterprise|December 2020
Today entrepreneurship is more lucrative and challenging both.
Mamta Sharma
WHY MILLENNIALS SWITCHING TO ENTREPRENEURSHIP FROM TRADITIONAL WORKING

In this age of digitization where the global economy is led by entrepreneurs like Steve Jobs, Dhirubhai Ambani, Azim Premji, and more, many millennials are preparing to enter this market. More than 6 million audiences across the world are gathered in shows like Shark Tank, a multi-Emmy Award-winning entrepreneurial-themed reality show, where aspiring entrepreneurs get an opportunity to succeed.

Also in 2008 financial slowdown, the conventional career routes were unpredictable. As a result, millennials consider entrepreneurship more than traditional working. Some of the primary reasons for the change in preferences and career approach in the millennial generation are:

Self made leaders defying C-Suite Protocol

A few millennials today strive to be the leader of a corporate or be a part of its C-Suite like CFO, CEO, COO, and many more. This new generation is much more focused towards creating their own business and proclaiming themselves as the founder.

The main cause for the switch in career purposes is important that they are keen to pave their path as they doubt that their potential and efforts will go in vain without any fruitful results. They also seem to cause chaos, breaking of contacts, bad news, and distrust of management in any company. This is because they have witnessed their relatives fired suddenly or their friends who have spent their whole lives locked inside a cubicle. As a result, they seem to decrease the challenges still fulfilling the direction of entrepreneurship rather than following the protocol of traditional way of working.

Flexible working hours

This story is from the December 2020 edition of Small Enterprise.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the December 2020 edition of Small Enterprise.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM SMALL ENTERPRISEView All
Small Enterprise

Job Creation: Startups Starting Up!

Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.

time-read
2 mins  |
November 2021
Small Enterprise

Importance Of Technology For SMEs

We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.

time-read
5 mins  |
November 2021
Small Enterprise

Importance Of Digital Economy

Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.

time-read
2 mins  |
November 2021
Small Enterprise

India's Economic Growth – Can The Startups Redefine?

Recent years showed a considerable rise in the startups of India. During globalization, MNCs or Multi-National Companies had a massive role in India’s economic growth. Now, it seems that startups are revolutionizing the Indian economy. These startups are amplifying the revenue generation and enriching the GDP.

time-read
5 mins  |
November 2021
Small Enterprise

ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS

In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.

time-read
4 mins  |
November 2021
Small Enterprise

CHALLENGES OF ENTREPRENEURSHIP DEVELOPMENT IN INDIA

The Economic survey in 2019-20 using World Bank’s data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.

time-read
2 mins  |
November 2021
Small Enterprise

HOW INNOVATION PLAYS AN IMPORTANT ROLE IN THE PERFORMANCE OF SMEs? WHAT ARE SOME INNOVATION FACTORS TO FOLLOW?

Innovation in a business must respect the business strategy in terms of the SME's long-term missions, visions, and goals and is systematic implementation procedures and changes to improve the products and services your company offers. The innovation implementation ensures an appropriate response in terms of increased sales and enhanced customer satisfaction. The image strengthening of your firm will lead to better customer relations with your company and at the same time provide financial stability for the company.

time-read
4 mins  |
November 2021
Small Enterprise

ECONOMIC REFORMS THAT CAN CHANGE THE ENTREPRENEURIAL ECOSYSTEM

The year 2021 marked 30 years since economic liberalisation surfaced in India and writing on this occasion, the richest man of India; Mukesh Ambani said that bold economic reforms such as ending the license –quota raj, liberalisation of trade and industrial policies, freeing up capital markets and financial sector helped our GDP grow ten folds since 1991 and India transformed from an economy of scarcity in 1991 to an economy of sufficiency in 2021.

time-read
2 mins  |
November 2021
Small Enterprise

ROLE OF WOMEN ENTREPRENEURS IN INDIA – THEN AND NOW

As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, women–owned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasn’t always been the case.

time-read
3 mins  |
November 2021
Small Enterprise

TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES

Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.

time-read
3 mins  |
November 2021