The businessmen and women of generation Y are determined to strike out on their own. Choosing to forego a standard “9 – 5” job for a chance to make their own startup is becoming a trend for Millennials everywhere.
The Entrepreneur Spirit
It’s clear that the entrepreneurial spirit has taken off all over the world. The Forbes’ 30 under 30 lists cite CEO’s of new startups that are making a huge impact all around the globe. From startups in the US to the Millennial entrepreneur in Asia, this generation has been bit by the business bug and there’s no turning back now.
Curiously, in the studies conducted with entrepreneurs in Asia, researchers find that the Millennials of Gen Y are more interested in pursuing their passion and goals than actually making a huge profit with their companies. This mindset is concurrent with the shift of graduates foregoing the corporate lifestyle for one that is set by their own rules.
Is Passion Enough?
Many individuals, like the candidates on the Forbes’ 30 Under 30 list, often risk a great deal to pursue their start up. To some it may seem illogical that a mother of two would sell their home to fund a passion project, but does it work? Well, for Ha Lam, pursuing her “passion project” worked wonders. Her company Triip.me now plans local tours in over 600 cities throughout the world.
Some skeptics, however, still look to Millennial entrepreneurs as delusional and quickly reiterate the statistic that only 10% of startups actually make it big. To skeptics, passion is a silly reason to risk it all. What the skeptics don’t realize is the fact that passion is always at the heart of any kind of innovation.
Passion over Profit
In Asia and other parts of the world, many individuals that have had success with their startups and businesses say that it takes a lot of work, but equal parts passion. In fact, passion is the key to success for startups that succeed.
In a world of Internet startups, established corporations, and thousands of new businesses, entrepreneurs that are just in it for the profit may become quickly discouraged. Contrastingly, highly passionate individuals that thoroughly believe in their new business realize that passion gives their entrepreneurial drive an inhuman strength of sorts. For this generation, the will to truly succeed and the will to push through is not profit based, and it’s working out just fine.
Considering all the risk that is involved with most startups, a Millennial entrepreneur in Asia, and anywhere else in the world, faces a lot of uncertainty. For individuals that choose the path of pursuing their startup idea or small business plan, the future often seems daunting and financially unstable.
Nevertheless, with the use of the Internet and the path left by millions of successful startups that have made it big over the past few years, new entrepreneurs are making the startup jump every day, despite the financial uncertainty.
At the end of the day, for most Millenials, putting passion over financial stability and profit makes all the sense in the world. Having a successful business to call their own is the best financial security of all.