Millenni-preneurship: 4 Ways Millennials Are Changing the Job Market

This article originally appeared in the DBS UNI.CORN Blog on 22nd June 2016.

Because millennials are the new generation in town, they’re subject to a lot of scrutiny. Even the word “millennial” can be contentious. But consider this: in 2015, 1 in 3 American workers (nearly 53.5 million) was a millennial. By 2025, they’re going to make up 75% of the workforce globally.

It’s time to take them seriously. Millennial entrepreneurs (aptly called the millennipreneurs) are making a name for themselves in a big way by shaking up the job market. I did some research and compiled a list of how millennials changing the workplace in profoundly positive ways. Here are the top 4.

1. Starting really young

For a start, the millennipreneurs have already launched twice as many companies as Baby Boomers. And now we’re seeing the rise of the twenty-something serial entrepreneur.

Take a look at Leo Chen, the Chinese who launched Garena in his last year of college. Garena has risen to become one of the world’s premiere online gaming platforms. But he’s better known these days for his role at Jumei, a cosmetic brand that recently propelled him to billionaire status.

Or Gu Zhicheng, who at 27 owns China’s number 1 cloud storage software Kanbox, which was recently acquired by Alibaba. This is only after he launched a BBS at 15 that he sold for millions at the age of 19.

These millennipreneurs are paving the way for an even younger entrepreneurial workforce. Evan (last name withheld) is a pre-pubescent millionaire. His website, EvanTubeHD, is his platform for reviewing toys (particularly Legos). He’s owned the site since he was 5 and has accumulated nearly 2 billion views. The site pulls in about $1.3 million annually. Did I mention he’s only 9?

2. Freedom from bosses and offices

It’s no surprise we’re seeing so many young entrepreneurs. Today, 60% of millennials think of themselves as entrepreneurs. For most of them, this belief doesn’t actually reflect reality — but it’s the mentality that matters. Millennials are more independent and less team-oriented. But that’s not necessarily a bad thing.

And independence naturally leads to more responsibility. Most people want to be free from the office, but no group more than millennials — 85% want to telecommute 100% of the time. More and more, they’re getting that opportunity.

Companies are adapting to the growing desire for remote work. We’re already seeing how this millennial mentality affects huge corporations like Dell, Deloitte, IBM, Salesforce, and UnitedHealth,each of which are now offering a huge number of remote positions to accommodate the younger generation.

3. Creating Innovation

Millennials are finding ways to innovate and shake up the way we do things, too.

Digital passwords are gateways to our most important information. Yet somehow, no one can remember them. Young Brennen Bryne, one of the co-founders of Clef, is solving that problem. Clef is a two-step verification that’s replacing passwords by using your phone to ensure authenticity. It’s not only making passwords easier, it’s making them safer.

Then there’s William Zhou, who’s on the Forbes 30 under 30 list for 2016. At 16 he founded Design Vertica, a web consulting platform. However, he’s best known for his recent innovation, Chalk. It’s revolutionizing the way teachers use their time (because we all know they don’t have enough of it). It’s a platform that allows for collaboration and integration of lesson plans and curriculums in order to streamline the teaching process.

4. Making fulfilment a requirement

Millennials have no qualms seeking better opportunities. In fact, 44% would be happy to leave their current job in the next 2 years, and 66% in 4 years as long as the right opportunity strikes. This is certainly keeping employers on their toes.

It’s not about the money (at least not completely). While money matters, one of the biggest reasons millennials are quitting their jobs is because of a lack of fulfillment. They don’t want to be just another gear in the corporate machine. They want to make a difference, both in and out of the workplace.

For the first time ever, some of the top philanthropists in the world are millennials. Of course, this is largely thanks to Mark Zuckerberg and his wife Priscilla Chan. However, the trend is growing. Tech companies are accumulating more money, and their CEOs are getting younger and younger.

Reacting to the change

Millennials are going to make a big impact in the world we live in. Constant innovations are forcing (and helping) the job market to adapt.

But the millenni-preneurs, while a growing force in the workplace, have only started making massive headway in the business world. Embracing these changes, and empowering them to invent, create and explore will be the only way for businesses to ride the tide of change.