A Continuous Debate Between Baby Boomers and Millennials
“My son is now an ‘entrepreneur.’ That’s what you’re called when you don’t have a job.” – Ted Turner
One of the many things that Patrick and Amanda have noticed when working together on The San Diego Lifestyle is that although they see a lot of things the same way, they have very different views on a number of topics. This can be challenging, especially as they work through the creation of a virtual guide to San Diego for visitors and locals. Some of these differences are a result of the fact that he is a man and she’s a woman, and that he has a lot more life and business experience than she has. But at a more fundamental level, some of their different views are a result of the fact that she’s a Millennial and he’s a Baby Boomer. Baby Boomers and Millennials have a lot in common, but tend to also disagree on, well, a LOT. They have decided to start a new segment on The San Diego Lifestyle where they will discuss some of their views on a variety of topics. Check out this week’s debate on who’s more entrepreneurial. Millennials and Baby Boomers both are pretty independent and driven, but they talk through the differences in many aspects of business between the two age groups and why they think the way they do.
Millennials and Baby Boomers are defined many different ways, but for the sake of our weekly arguments we will follow this image below, which shows the definitions and timeline. (Source: Millennials Overtake Baby Boomers as America’s Largest Generation)
A new survey from the 2016 BNP Paribas Global Entrepreneur Report states that millennials are more entrepreneurial than baby boomers. To prepare it, Scorpio Partnership consultancy surveyed 2,600 high and “ultra-high” net worth entrepreneurs from 18 countries. (Together they’re worth just over $17 billion.) Millennials are starting more companies, managing bigger staffs, and targeting higher profits than their baby boomer predecessors. While the older generation launched their first businesses at roughly 35 years old, so-called “millennipreneurs” are setting out around 27—which means some of them already have almost a decade of experience.
BNP’s report found that millennials have a different view of social responsibility, too. Frank says that while entrepreneurs traditionally built their businesses and wealth first and considered philanthropy later, “millennipreneurs” are thinking about their social impact early on.
Amanda and Patrick have many different opinions, and they talk a lot about antiestablishment, and the willingness to take risks in a working environment. Patrick says, “By the time I was in my late 20’s, I was managing other people, and many of them were older than me. But, I still didn’t feel like I was an entrepreneur, so I ask Amanda, why Millennials are so cocky to think they can be an entrepreneur right off the bat?”
They also talk about hard work and passion, and Amanda explains how Millennials feel that in this great country, if you have a great idea, you should be able to go “do your thing” and not really have to listen to people. Is she kidding?!
She does think that most of these Millennials are leveraging an online network and using the internet to succeed these days, which Patrick may agree with. The Global Entrepreneur Report did talk about how Baby Boomers are managing less people, while Millennials are managing hundreds in their businesses, but does Amanda think she could go out and manage over 100 people?! “Definitely not!” she says, but as she talks about it more, she (as a Millennial would) thinks maybe she actually could. She did mention that Millennials are getting advice from people like Gary Vaynerchuck, and if you’ve seen some of his videos, you’ll know, he has a go-getter attitude no doubt.
What do you think? Who is more entrepreneurial? Baby boomers, or millennials?! We’d love to hear your thoughts!