By Fiona Godsman,
Chief executive, Scottish Institute for Enterprise
I’M lucky that my job brings me into contact with some of Scotland’s brightest young people, and I’ve recognised some common traits amongst them, including the ability to adapt quickly to changing environments. They are creative, flexible and quick to learn, and they want to make a positive impact on the world. These traits are essential for entrepreneurs who plan to start businesses, but what effect does this have on employers and how can they benefit from this entrepreneurial spirit?
One effect of this adaptability is that this generation isn’t worried about the prospect of moving between jobs. In fact, it’s seen as an important way to progress and collect transferable skills along the way. This active pursuit of change is highly entrepreneurial – moving jobs regularly demonstrates that millennials have the confidence to evaluate risks and take action. Research backs this up, with 21 per cent of millennials changing jobs in the last year, a rate that is three times higher than the previous generation.
It’s not surprising that this is happening as jobs are not as secure as they used to be. Against a backdrop of falling earnings – average real hourly earnings for under-30s in Britain fell 13 per cent between 2007 and 2014 – millennials want to make a difference with their work, and are no longer looking for just financial comfort, but also job satisfaction. For some, this means changing careers, and for others, moving away from traditional corporate structures completely.
Some employers believe young people are being too hasty; unable to stay the course. But they are independent thinkers and, like generations before them, are simply changing the pace. Far from damaging careers, this attitude is in fact embedding an entrepreneurial spirit in Scotland’s young people, and businesses should harness these abilities.
The average working environment doesn’t always keep pace with younger employees’ demands. For newer generations, especially Gen Z, life is somewhat instantaneous. This fast pace doesn’t always follow into the rest of the working environment, however, and many find the pace of hierarchical decision making too slow.
Younger people want to know that they are making an impact and that their contributions are being recognised. They want to be part of the business, not simply working for the business. Setting up their own business can be the way to do this. It gives young people an element of freedom that isn’t always available in larger organisations.
Today, there are fewer barriers to knowledge, and young people take advantage of this. They are quick to learn, and to take advantage of new technologies; not knowing how to do something is no longer an obstacle, simply an opportunity to learn and this goes for the skills and knowledge required for setting up a business too.
The desire for something better, risk-taking and adaptability, are all traits we expect to find in entrepreneurs, and the younger generation has demonstrated that they already have these skills.
Figures show that 85 per cent of 18-24-year-olds have thought about starting their own business, and in Scotland we are fortunate to have many organisations, such as the Scottish Institute for Enterprise, that provide options for them, helping to develop the skills and confidence of the next generation of entrepreneurs, even if they’re still in full-time education.
Entrepreneurship in Scotland is not new, but it is an exciting and empowering life skill which brings many benefits to individuals, and to society, and the next generation are showing it in spades.
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