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Entrepreneurs / Millennials

Why Generation Y Makes For Ruthless Entrepreneurs

Why Generation Y Makes For Ruthless Entrepreneurs
Image credit: Shutterstock
Founder of Dream Design Real Estate (DDP)
4 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

In recent years, Generation Y has taken a significant amount of flak for their seemingly ‘lazy’ approach to life. Often branded as ‘entitled’ and commonly known to display a pathetic work ethic involving limited input yet expecting big rewards, Gen Ys generally have had a pretty bad reputation when it comes to work. However, I couldn’t disagree with this belief more.

On the contrary, the Gen Y is breathing new life into entrepreneurialism, especially in Australia. This generation is the most educated, and well traveled in our history, and has grown up with the latest technologies at their fingertips. Gen Y does commonly display an intense amount of confidence. However, as an entrepreneur, this has proven to be a valuable trait to embrace.

With the help of the internet and social media, this is possibly the best and easiest period in history to become an entrepreneur- one with more opportunities and endless possibilities. Here's my favourite reasons why Gen Ys make for ruthless entrepreneurs:

1. They have limitless opportunities.

Most of Gen Y could maneuver their way around the keyboard before they had even started school, and it is their intuitive tech knowledge which has opened up their business opportunities. This generation now has effortless access to high up contacts in their field through apps like LinkedIn, and they have the confidence to go out on a whim to make these connections. Gen Y has the world at the tip of their entrepreneurial fingertips; the World Wide Web is their key to access global networking potential.

2. Taking risks comes naturally.

Gen Y knows how to push the boundaries and they aren’t afraid of the consequences when it comes to taking a risk. This is something Baby Boomers were raised not to do by their parents, who just touched the edge of the Great Depression. The Baby Boomers were taught that it was better to live a secure life, rather than Gen Ys who live a passionate risk-driven one. With taking risks comes great responsibility and this generation is welcoming this with open arms. What some might consider an insurmountable task, Gen Ys have the guts to charge ahead without fear of failure.

3. Own a ‘no time to waste’ mentality.

Being a generation filled with impatient ambition seekers, Gen Y has no time to be anything but ruthless. They will not wait for opportunities like their parents did. Instead, they seek out and secure prospects, and if there aren’t any available, they will make opportunities for themselves. Gen Y isn’t interested in what they can do tomorrow, they are interested in what they can do today. With this mentality comes the notion that things can change in the blink of an eye, which is another reason why it’s important that this generation embraces change rapidly and enjoys doing this differently.

4. Aren’t afraid to ask questions (and lots of them).

A questioner himself, Albert Einstein once said “the important thing is not to stop questioning. Curiosity has its own reason for existing.” What’s more, the old saying ‘Curiosity killed the cat’ couldn’t be further from the truth. On the contrary, questioning is the key to why Gen Ys thrive as ruthless entrepreneurs. Being open to asking and answering questions leads people down the positive path of finding solutions rather than only seeing problems, and enables them to ask why something can’t be done better or why hasn’t it been done at all?

5. Strive for impact and purpose.

Gen Ys feel strongly about why they do things, and strive to have a strong purpose in their lives. Mostly Gen Ys are motivated by the potential to have a significant and positive impact, ideally leading to great change.

Related: Comparing Old School Practices With Millennial Outlooks On Starting A Business

3 Ways Startups Can Build Loyalty With Millennial Customers