A study conducted by Sage has revealed important insights into the characteristics that influence Millennials when it comes to work-life balance, technology adoption and the social values and barriers they face.
"Millennial entrepreneurs have a huge role to play in the start-up economy and are shaping the modern workplace at great pace," said Stephen Kelly, Sage chief executive.
"But they can’t be grouped together as a homogenous stereotype. Our research shows that they fall into distinct camps with specific hopes, fears, concerns and ways of working," Mr Kelly added.
Of the 500 Australian respondents, 70 per cent indicated that they are driven by doing social good, with the majority indicating that they will sacrifice profits over their own values and ethics.
Traditionally presumed to be a technologically reliant generation, 49 per cent of Australian Millennials noted that they could have run their businesses with technologies from 20 years ago. Sixty per cent indicated that they will start more than one business during their lifetime, while a quarter revealed that early retirement was a key focus.
In spite of sweeping generalisations, Sage has revealed five distinct and diverse traits within which Millennials may align themselves to:
- The principled planners
- The driven techies
- The instinctive explorers
- The real worlders
- The thrill seekers
"They [Millennials] will be our next generation of business builders, the heroes of the economy, and understanding what makes them tick now stands us all in good stead for the future. That’s true of the people that want to do business with them, buy from them, hire them or create policy that helps them to grow," Mr Kelly concluded.