LOS ANGELES, CA--(Marketwired - Sep 17, 2013) - New data from a recent j2 Global,® Inc. (
According to a recent Gallup® poll, fewer Americans aged 18 to 29 worked full time for an employer in June 2013 (43.6%) than did so in June 2012 (47.0%),1 signaling that more millennials may have skipped the traditional job search and started out on their own as entrepreneurs. More than half of millennials (54%) have started their own business or have the desire to start one as found in a recent report by the Kauffman Foundation.2
How They Run Their Businesses: The App-hungry Millennial Entrepreneurs
Data extracted from a recent j2 Global® Mid Year Small Business Report shows that millennial entrepreneurs make tremendous use of mobile devices and apps to power their businesses. Indeed, 31 percent of millennials get the most work done while commuting, and another 32 percent work during "downtime," such as watching TV or relaxing at home. Additionally, 36 percent of millennials say they use more than five apps to run their business and 56 percent can see themselves being able to work entirely from an iPad or tablet in the next year.
Another surprising finding of the j2 Global® Mid Year Small Business Report: Although they are known as the texting generation, when it comes to their businesses far more millennials use their mobile phones primarily for email (57 percent) rather than to make calls (32 percent) or text (only 23 percent).
Millennials who want to run their own businesses certainly have the technology to do so -- tools to collaborate on documents online with anyone (Dropbox®, Google® Drive), video chat services for virtual face-to-face meetings (Skype®), virtual phone solutions with professional greetings and advanced call routing (eVoice®), online faxing and document archiving (eFax®).3
"Millennials have grown up immersed in technologies that let them connect and collaborate anywhere, on a host of devices they always have with them," says Mike Pugh, vice president of marketing for j2 Global. "So it makes perfect sense that they see their professional lives unfolding outside the confines of office or cubicle walls. Today's cloud-based technologies are giving this generation more freedom to innovate and build businesses than any generation before them -- and the millennials seem to be embracing these opportunities in increasingly large numbers."
The Happy Entrepreneurs
This ability to start a business with cost-effective (and sometimes even free) cloud-based and mobile tools, and the benefits of working wherever, whenever they want -- combined with a youthful drive and energy -- explains why the overwhelming majority (94 percent) of millennial entrepreneurs are very optimistic for their businesses' growth for the rest of 2013, according to the j2 Global® Mid Year Small Business Report. In addition, the Report suggests that millennial SMBs are more likely to hire staff of the same generation -- 71 percent of them are expected to hire millennials in the coming year compared to 48 percent of Gen X and 39 percent of Boomers.
How to Succeed: Tips for the Millennial Entrepreneur
1. Don't let student loans rain on your parade: The federal government's Student Startup Plan allows millennial entrepreneurs to defer their loans or lower their interest rates to help them jumpstart their business. Details.
2. Don't let the lack of experience bring you down: The successes of Facebook's Mark Zuckerberg and Tumblr's David Karp show that experience is not always a key factor for success. Resources abound on the web to help millennial business owners learn from others and become long-lasting entrepreneurs. More information here.
3. Lighten your load with technology: Millennials are learning that launching a business today takes far less cash than previous generations required. Cloud-based tools, like virtual phone solution eVoice®, let small business owners convey the image of a larger, professional enterprise for a fraction of the cost of a traditional business phone system; and online fax services like eFax® help entrepreneurs receive, annotate, sign and send faxes by email, including from a mobile phone or tablet. All of which helps entrepreneurs preserve precious early capital as they get their new businesses going.
4. Avoid all work and no fun: Being a small business owner requires hard-work and dedication. According to a press release on a 2012 eVoice® survey, more than 40 percent of small business owners juggle at least four roles for their organization. While it's crucial to work hard, it's also important to have a balanced work-life style in order to effectively manage your staff and run your business. The good news is that 60 percent of millennial SMBs said they plan to take a vacation this year.
5. Keep calm and carry on: The holidays will be around the corner, and for millennial small business owners who are trying to capitalize the holiday hustle and bustle, it's important to keep yourself together to win your staff's respect. Discuss ways to remain calm and prepare for problems that may come up. More information here.
To learn more strategies on how millennials can become successful entrepreneurs, please join eVoice®'s and eFax®'s Twitter® chat hosted by Michael Michalowicz, author of Toilet Paper Entrepreneur and The Pumpkin Plan, on Sept. 19. Find more details here: http://www.mikemichalowicz.com/rise-hyper-startups-millennium-entrepreneurs-tweetchat/.
About the j2 Global Mid-Year Small Business Survey - 2013
Between June 12 and June 25, 2013, 2,536 small business professionals responded to an email invitation from j2 Global® to eVoice®, eFax®, and Campaigner® customers to participate in an online survey about hot topics such as the use of iPads and apps, optimism in company's growth, mobile productivity, and summer vacation plans. The margin of error is +/- 1.95 percentage points. The statistical figures provided herein may have been rounded up or down.
j2 Global, Inc. (
1 According to Gallup®'s July 26, 2013 Payroll to Population employment rate, conducted using a random sample of approximately 30,000 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia.
2 According to the Young Invincibles Policy Brief survey conducted September 25 to October 4, 2011 by Lake Research Partners and Bellwether Research & Consulting for the Kauffman Foundation. Sample size was 872 adults ages 18 to 34. The margin of error for the full sample is +/-3.32 percentage points.
3 eVoice® and eFax® are products, brands, and registered trademarks of j2 Global®, Inc. The other products and trademarks listed are products and trademarks of their respective owners.