The entrepreneur wars: baby boomers vs. millennials
(Photo by Helena Lopes on Unsplash)
Age ain’t nothing but a number, especially when it comes to starting your own business. The woes of entrepreneurship don’t discriminate when it comes to age, as entrepreneurs of any age can tell you. However, the ever-widening generational gap between veteran baby boomers and up-and-coming millennials is making for some interesting comparisons in the business world.
Each generation comes with its stereotypes, and these two are no exception. Younger people see baby boomers as hard headed traditionalists who are stuck in their ways, as well as the generation that left a giant mess for their descendants to clean up. In contrast, baby boomers look at millennials as entitled brats who demand instant and individualized gratification. While there’s some truth to all of this, there are unique variables that have helped shape the mindsets of entrepreneurs of these generations.
Unsurprisingly, millennials may be less motivated to start their own business. This ennui stems from the mountain of student debt that millennials collectively shoulder: 2017 numbers boast a mind-numbing $1.2 trillion. Furthermore, the average college graduate in 2016 would graduate with at least $30,000 in student loans, severely hampering their entrepreneurial ambitions, let alone their financial mobility in its own right. Consequently, millennials with business dreams have found success with some great middle-of-the-road options. For example, a record number of millennials are now buying baby boomer-owned businesses, giving hope to the 54% of baby boomer entrepreneurs who are looking to close up shop within the next decade. Taking over an already established business means less business debt for millennials, as well as finding a knowledgeable business advisor in the former owner, who often stays on to help the new owner transition into business ownership more smoothly.
However, millennial startups are also looking for the best of both worlds when it comes to their digital presence, too. Many millennial-run websites are moving increasingly towards virtual private server (VPS) hosting, a hosting service that combines the bandwidth and speed of a dedicated server with a price tag closer to shared hosting options. It’s no wonder VPS hosting is so popular with millennials, especially considering the great, cheap vps options that are currently available.
As we’ve discussed, baby boomers are much more traditional, especially in terms of business. Baby boomers have a stronger sense of hierarchical stratification in a business environment, pointing to the traditional view of heeding your elders. This idea is evidenced by the 76% of millennials who believe their boss has something to learn from them, a much higher figure than the baby boomers’ 50%. However, age is becoming an increasingly worrying problem for baby boomers, with the youngest of this generation now entering their sixties. 72% of baby boomer business owners confess that they have no exit strategy for their business, signaling a growing anxiety about who is going to take over the economic workforce.
It’s no secret that baby boomers and millennials grew up in entirely different worlds. Not only does this inform the way they think, but their business practices also reflect their unique generational mindsets.