Millennipreneurs represent a new and exciting approach to business

The latest 2016 BNP Paribas Global Entrepreneur Report survey (which polls 2,600 multimillionaire entrepreneurs in 18 countries) reveals the emergence of a new generation of entrepreneurs under 35 years old. These ‘Millennipreneurs’ take a very different approach to business, in terms of their ambitions, results and leadership style, creating more companies with larger headcounts and higher target profits. They certainly tend to be interested in the new economy, but are also equally active in many traditional sectors including retail and professional services such as law and accounting. The survey interestingly points to the fact that women have been more successful than their male counterparts over the past year, and they are also very ambitious, with 89% of women entrepreneurs surveyed expecting growing or stable profits in the next 12 months. The top three wealth creation sectors identified for these women were Retail (16.5%), Professional services (11.2%), and Fashion (6.0%). When asked which sectors they would choose if they were to switch businesses, the top 3 were E-Commerce (9.3%), Travel, Hospitality and Leisure (8.6%), and Social Media (6.3%). The most fascinating differentiator from the women surveyed came with the question on their top 3 criteria for success. Coming out tops was Making a profit on their initial investment (35.2%); next was Passing the business on to the next generation (12.3%); and third was Making a social impact (11.2%).