Each generation’s influence on the business world is unique and each generation works with its own specific gifts and challenges. Millennials, who some say range in age from 18-34 years (also known as Generation Y) are influencing franchising in their own special way.
To peer into what’s driving the financial concerns of different generations, the Million Dollar Round Table (MDRT) initiated an online survey of 2,041 respondents last year that was made available February, 2015. Conducted through Harris Poll, a nearly 50 year running market research company, the survey provides a better idea of how different generations are dealing with some of today’s challenges and how these challenges influence their lifestyle and spending decisions.
The survey features three detailed infographics, including not only Generation Y, or Millennial respondents, but also Baby Boomer generation respondents and Generation X respondents.
Without a doubt, much overlapping of age ranges occurs when deciding where one generation begins and ends, so the lines drawn between what constitutes a Generation X, Y, or Z constituent can be blurry. Nonetheless, one fact is clearly in focus: younger generations are more open to taking sensible risks to avoid job insecurity and establish hands on experience running a business.
This latest MDRT survey calls attention to some of the insecurity experienced by younger generations, whether due to job loss, long-term unemployment, large amounts of student loan debt or other debt, or dissatisfaction with job availability after a costly college education.
The exact reasons driving younger generations to join franchise business systems vary, though they certainly connect with these sources of dissatisfaction. With the diverse challenges associated with living year after year in a state of financial insecurity, many are questioning their situation and reevaluating their options.
Moreover, the availability of lower cost of entry franchises that involve minimal or no required experience, less investment capital, and less groundwork to start a business from scratch help to foster interest in the entrepreneurial route. Businesses using social media marketing and the online mobile world of business are more than ever in harmony with generations that are open to learning and using the latest tech tools.
To view the survey and corresponding infographics in more detail, please click here.