As each year goes by, it becomes increasingly clear that millennials are among the most innovative and exciting entrepreneurs in the world. They think differently and are courageous enough to apply their non-conformist ideas and principles to their entrepreneurial endeavors.
These qualities, along with their early contributions across a number of industries, have led many to realize that we need more millennial entrepreneurs. Still unsure? Read on to find out 4 more reasons why we need more millennial entrepreneurs.
They have demonstrated a commitment to social responsibility
As social issues become more publicized across traditional and social media, it is becoming more important for businesses and corporations to demonstrate social responsibility in order to attract and retain customers. As a result, corporate social responsibility (CSR) has become a necessity in the modern business world.
Yet it’s not enough to just be socially responsible — CSR has to be visible to consumers and be an integral part of the company’s image. For example, it has recently been found that 9 out of 10 consumers now expect businesses to have goals that transcend just making a profit and focus on the greater good of society and the environment.
The Harvard Business Review has pointed out three ways that a company should demonstrate its commitment to social responsibility: engagement in philanthropy, improvement of the company’s operational effectiveness, and transformation of its business model. Engagement in philanthropy is one of these fundamental objectives, and it will benefit society to have greater numbers of businesses devote money and time to philanthropical causes.
Social responsibility can lead to stronger company morale and employee loyalty, thus contributing to the stability of a business.
They will establish improved protocols within industries
Within manufacturing, millennial entrepreneurs will have an innovative, fresh take on ways to make the manufacturing process more efficient and sustainable. They will also have a strong degree of concern about the environment and strive to create protocols that are environmentally friendly.
Additionally, as millennial entrepreneurs tend to have a stronger social conscience generally (or at least are more willing to make social conscience a part of their enterprise), they are more likely to ensure that all of their materials and manufactured products are sourced in a responsible and ethical way.
Millennials will create the future that they wish to see
Millennials are not only more likely to care deeply about social and environmental issues but are also ambitious enough to create a future that they want to see.
One example of a Millennial entrepreneur who has changed the corporate structure so it aligns more with his personal values is Blake Mycoskie, the founder of TOMS. In 2006, Mycoskie was traveling in Argentina when he encountered the suffering experienced by children without access to shoes. This experience inspired Mycoskie to create a company that not only manufactured goods but also positively contributed to a social cause.
TOMS has made a commitment to give a pair of shoes to a child in need for every pair they sell. So far, the company has given away 60 million pairs of shoes in this way. Likewise, for every sale of a TOMS eyewear product, the company gives away a pair of prescription glasses or medical treatment (such as surgery to save an individual’s sight) in 13 countries. For every sale of TOMS Roasting Co. coffee, the company works to provide a one- week supply (140 liters) of clean drinking water to a person who needs it. Finally, sales of TOMS Bag Collection lead to the company donating significant amounts of money for mothers and babies (for example, providing safe birth services).
They will allow more young voices and ideas to be heard
Over the past few years, millennials have started twice as many businesses as older generations which have provided more opportunities for young voices and new ideas to be expressed and considered. You see, millennials are not afraid to have ideas that differ from others, and do not feel such a compulsion to conformity in both life and business.
This more open environment will make other young people and people with new ideas feel more comfortable with speaking out and perhaps becoming involved in business themselves. As the United States is in need of more entrepreneurs, this is a fortunate circumstance.
Millennials are on the Right Track
Millennials all over the world have already launched twice the number of companies as boomers, and there is every indication that increasingly more young people will become involved in entrepreneurship. For individuals and organizations looking to improve environmental and social impacts of U.S. corporations, this is a positive step in the right direction.
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