Where are millennials succeeding?
What are the industries where millennials are starting businesses? Read our latest blog to find out.
The word millennial is a contentious term, and if you’d never heard it before Googling it you’d be forgiven for thinking that everyone born between 1981 and 1996 was a lazy, avocado-obsessed, job hopper (https://hrnews.co.uk/engaging-millennial-employees-should-we-treat-them-differently/) But is this actually true?
Using the mnAI platform we examined the business practices of people born within the millennial generation age range, as well as their predecessors and successors. We wanted to find out what makes millennials tick, where their interests and their money lies. Here’s what we found:
Most incorporations
Perhaps most surprisingly is the fact that millennials make up the majority of all business founders presently. With 327,415 current incorporations listed on the mnAI platform. This means that millennials are creating more businesses than any other businesses presently. Out of a total of 723,194, this means that millennials account for 45% of all current incorporations, dwarfing their closest followers, Generation X (People born between 1965 –1980) by just over 100,000 incorporations.
Financially lagging?
Despite their saturation as the leading business founders, financially Millennials are among the least successful. With average net assets of ￡837,127 it is only Generation Z, who stem from the ages of 25 all the way down to just 10 years old, who have fewer financial assets. Generation X have average net assets of ￡147,448,25 whereas their predecessors, the Baby Boomers, lag a little behind at ￡130,404,70. Both of these amounts however are eclipsed by The Silent Generation who claim an average net financial value of ￡238,342,48 more than both Millennials, Generation X and Gen Z combined.
Business sectors
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When it comes to business sectors, like their Gen Z successors, Millennials leading business sector is Retail and Wholesale Trade. After this Millennials second most popular sector is Scientific and Technical Activity followed by construction. Interestingly, for Gen Xers the most popular industries were Professional Scientific and Technical Activity followed by Wholesale Retail and Trade and finally Construction. Whereas for Gen Z the most popular industries were Wholesale Retail and Trade, Administrative and Support Services and lastly Construction. It would be interesting to see if Millennials start to replicate Gen X as their businesses develop in the coming years with Professional Scientific and Technical Activity overtaking
Retail and Trade.
Likewise some might extrapolate that for Gen Z, in time Administrative and support Services may be supplanted by Professional Scientific and technical Activity — As that is a more profitably industry that has a higher educational entry requirement — typically PhD which are usually completed between the ages of 25-30. Just skimming the eldest Gen Zers today making them unlikely to be founding businesses before then.
How are their businesses fairing?
The mnAi platform records presently 1,096 Millenial-founded businesses entering administration. Gen X on the other hand report 2,733 businesses going into administration, and the Baby Boomers 1,682. This could be viewed that millennial businesses are more successful than some of their predecessors, however it may also be that the older generations’ businesses are simply being wound down as they reach retirement age.
Looking for more mnAI insight?
Click here to check the rest of our blog insights with data gleaned from the platform.