The new Dean of HEC Paris, Peter Todd, has been invited by LinkedIn to share his insights on the education sector by publishing articles on LinkedIn's publication platform, LinkedIn Pulse. His first article is on entrepreneurship.
More mature, more ambitious, more confident, more responsible: the Millennipreneurs make up a new generation of business leaders who are galvanizing every sector of the economy.
I myself have the privilege of evolving alongside the Millennipreneurs who, whether they are still developing in the classroom or have already graduated, are a reason to have faith in the future. A few weeks ago, I met up with a number of young entrepreneurs, each one of whom is a wonderful illustration of the potential their generation promises: one in the catering industry, one in solar energy, and others in art, cosmetics and e-commerce. What is clear is that their search for personal development is right behind their motivation, and their businesses benefit from this enormously. But will we know how to maintain and indeed build upon this phenomenon?
At a time when the Old Continent is struggling to rediscover its growth paths, in the 2016 edition of the BNP Paribas Global Entrepreneur Report, 47% of the 2 594 successful entrepreneurs are European. Europe is getting ahead of the Asia-Pacific region (37%) and the United States (14%). As such, our youth clearly has no business-development complex, and it is up to us to assist them! The Millennipreneurs, making up 32% of the panel, are notable for their maturity; on average they form their first business aged 27, compared with 35 for the entrepreneurs of the baby-boomer era. Moreover, they generate 43% higher revenues and on average have already launched 7.7 businesses, compared with 3.5 for their elders. Audacity, but also failure, are the driving forces for the Millennials.
On average, the Millennipreneurs create their first business at the age of 27
Even more surprisingly, Generation Y is not only investing in the new technologies sector, which it has grown up alongside, but also in more traditional sectors such as trade, financial services, health, insurance and even agriculture, promising to breathe new life into a whole variety of sectors across the economy with their innovative minds. If the GAFA digital giants have certainly been a great source of inspiration, they do not represent the only model and the only horizon. Young entrepreneurs do not only aim for exceptional growth to allow them to go on and sell their business for a very high price. They have their minds set on the long term. Even more promising is that their entrepreneurial motivation brings with it a strong societal dimension. The leaders of today are committed to combining profits with sustainable development.
Another lesson: more and more women are throwing themselves into business creation. Representing 34% of the panel, they are 50% more prominent than their elder counterparts. If female entrepreneurship brings with it its own characteristics, it is also a source of great successes.
Turning our attention finally to the factors which are pushing this generation towards entrepreneurship, it is true that a large majority has benefitted from the experience of family members, with 78% having a family history in business. As for women specifically, who face far more barriers than men, 33% of them declare that they only started after having completed some form of education. Thus, before everything else, entrepreneurship is a psyche which is spread and transmitted, but also learnt.
Entrepreneurship is spread and transmitted, but also learnt.
At HEC Paris, the entrepreneurship pathway that we introduced several years ago is seemingly bearing fruit. A recent survey amongst our alumni revealed that almost a quarter of students who graduated in 2013 have now become entrepreneurs, a figure three times greater than the national average. Today, we want to follow this up and develop teaching, awareness campaigns, on-campus initiatives and support. We are counting in particular on the new ecosystem of the Paris-Saclay campus, which brings together scientific and technical institutions of international renown. Indeed, it constitutes a unique cluster in Europe and an environment suited to the cross-fertilization of engineers, scientists, project managers and Millennipreneurs.
At HEC Paris, the entrepreneurship pathway that we introduced several years ago is seemingly bearing fruit. A recent survey amongst our alumni revealed that almost a quarter of students who graduated in 2013 have now become entrepreneurs, a figure three times greater than the national average. Today, we want to follow this up and develop teaching, awareness campaigns, on-campus initiatives and support. We are counting in particular on the new ecosystem of the Paris-Saclay campus, which brings together scientific and technical institutions of international renown. Indeed, it constitutes a unique cluster in Europe and an environment suited to the cross-fertilization of engineers, scientists, project managers and Millennipreneurs.
The world of education must be aware of its responsibilities. Tomorrow’s economy and society rest largely on the new generations entering our schools, universities and business schools. Let’s invest in these entrepreneurs in the making, who are capable of conquering new spaces, re-galvanizing the economy and revamping performance with a sharp eye on social responsibility.
