At just 20 to 35 years old, more millennials are becoming entrepreneurs, already creating and starting up more new companies, managing larger, more agile teams, and targeting higher profits and returns than previous generations, according to a recent study by BNP Paribas.
The reasons for this development are manifold: the corporate environment is becoming less appealing and attractive to this generation, who cherish freedom and creativity as key aspects in the workplace, while barriers to entrepreneurship are lower. Technology and the co-owning spirit of the sharing economy have heavily contributed as well: Young entrepreneurs are inspired by the success of companies such as Airbnb and Uber, which have raised an impressive 1.5 and 2.1 billion US$ in 2015 alone, and they see themselves following this trend and creating new fast-growing businesses.
“The corporate environment is becoming less appealing and attractive to this generation, who cherish freedom and creativity as key aspects in the workplace, while barriers to entrepreneurship are lower”.
Sonia Tatar, CEO Worldwide of Les Roches International School of Hotel Management
An expanding travel and tourism industry
Despite international uncertainties and security concerns, the global travel and tourism industry continues to grow at an impressive rate: More than one billion tourists travel to an international destination every year, while tourism contributes 10% of global GDP and 6% of the world’s total exports, according to the UNWTO 2015 Report.
Behind this surging demand for travel is the millennial generation: increasingly mobile consumers who travel more than their seniors. They are more flexible in their travel plans and rely on technology and social platforms to find the best experiences suited to their lifestyle, needs and budget. This explains the emergence in the hospitality market of new concepts and “sharing economy” platforms.
These examples highlight the tendencies of this coming generation, but also their importance in shaping the future of the hospitality industry and ultimately the global economy. The key question for every educational institution should be whether the right skills are taught to this generation of graduates to help them think and act as successful entrepreneurs in the future.
Check out Made in Les Roches initiative, a project aimed at showcasing our alumni’s passion for innovation in action around the world
We see entrepreneurship as the catalyst for change and evolution within the hospitality industry, whereby entrepreneurship is more than a wave of new start-ups — it is about fostering an entrepreneurial spirit that challenges the status quo, disrupting traditional ways of doing business with innovative solutions.
Nurturing entrepreneurial thinking is also essential for employers: By believing in their creative potential, businesses empower entrepreneurial employees to bring innovative change to a company from within.