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Millennials are revolutionising UK start-ups, which shows no sign of ending any time soon – with nearly 660,000 companies being established last year, an increase from 2015 figures of 608,000. It has been predicted this year we will see the record being broken again.
‘Millennipreneurs’ is a term which started when the baby-boomers (over 50s) reached their peak, making way for their predecessors to take over, with more 20 to 35-year-olds starting their own companies, managing bigger teams and hitting higher profit margins; We can now say a new generation of entrepreneurs has arrived.
Millennials are discovering their entrepreneurship a lot quicker than baby-boomers did, with the average “Millennipreneur” starting their first company by the age of 27, compared to their “older” counterparts who usually set up their first business when they were 35 years old.
Millennials may be starting twice as many businesses than their predecessors, but they are following in their footsteps.
- Hard worker
- Ethics and responsibility
- Making a positive difference in their workplace
- Bounce from job to job – never seeing anything through
- Hard worker
- Place more emphasis on the “work” half of work-life balance
- Adaptable to new ethics and responsibilities
- Stay in the same job throughout their lives, rather than bouncing around
Millennials are described by many as an “entitled generation” – but the truth is they are driven, focused and ready to prove themselves. Without the need to live their lives pay-check to pay-check they are more open to the experience and the impact gained through working from such a young age, by having the backing of the Start-Up Loan Scheme - established back in 2012, millennials have been given the drive they need to develop their ideas and grow within the professional environment.
The growth in new technology, online-trends and apps over the past decade, have enhanced the overall ability for millennials to succeed in these key industries, even the Baby-boomers have jumped on the new advancements; Accountants, bookkeepers and sales-ledgers are also modernising, using cloud-based software to improve their work efficiency.
‘With over 195,538 start-ups created already this year, we are already seeing the benefits, the employment rate for 16-64-year-olds is at a staggering high of 75.4%
(0.8% increase since 2017) and the unemployment rate is down to 4.2%’
With more businesses being created year-on-year the demand for hiring new staff is at 83%, so if you are setting up a new company or looking to expand your team throughout the year, contact us;
Sheffield – 0114 268 3313 |Leeds: 0113 242 1200