When I first learned about “Entrepreneurial Culture”, I studied about how employers use the phrase as a tactic to encourage employees to push new limits. Many businesses have built success on the concept of fostering a culture of entrepreneurship. This strategy is how many companies have managed to “out-think” the competition in both tactics and efficiency. Most CEO’s push this notion because it encourages autonomy and risk-taking. However, when you truly think about it … if you’re going to take a risk, risk it on yourself! One thing I’ve learned is that everyone needs a side hustle, gaining independence through various entrepreneurial endeavors provide an added layer of security. The job market is never truly stable, most jobs hire employees on “at will” basis so even if you’ve put in years of hard work you can still be fired spontaneously. There is a new era of originality among Millennials that has changed the way many view the concepts of entrepreneurship. I feel like everywhere I look I’m being encouraged to start a business, seeing some sort of subliminal marketing messages thrusting me towards independence. As a young risk-taker I’m encouraged daily to build for myself in all aspects of life, and turn my passions into profits. People have gone from being taught to absorb corporate structure into creating an “Entrepreneurial Culture”, inspiring millennials like myself to start businesses and self-invest rather than climbing the corporate ladder because a side hustle gives you a trade to rely on just in case something happens at your job.
Entrepreneurial Culture is influenced in a variety of ways:
Growing up my mom always emphasized the importance of being independent. She made sure to teach me the difference between working for somebody and making my own money. When I was 9, I started doing any kind of job I could to make extra money. One of the most profitable was making jewelry; my family encouraged me to sell at church, school and anywhere else I could make some money. I never really realized it growing up but I’m happy my mom always taught me that starting my own business was the key to financial freedom.
Schools are beginning to implement entrepreneurship into their curriculum and encourage children to take risks by teaching them the value of self-employment. These curriculums on business fundamentals are evolving quickly, in order to be reflective of today’s trends. When I was in school all I got was a one-day course on standard business practices; anything extra I learned was through an after-school program like Junior Achievement. I’m really happy to see how times have changed within the last few years, showing students the importance of creating a way to gain financial stability. Millennial employees are encouraged not only to seek career advancement but to also foster the chance to be a contributing force for entrepreneurial culture.
Most companies have already had to reshape structure based on Entrepreneurial Culture due to the way millennials are reshaping workplaces. Corporations sustain Entrepreneurial Culture through autonomy and with consistent communication about the ongoing vision for the company. In business, an entrepreneurial culture means that employees are encouraged to brainstorm new ideas and products. Established companies with seasoned CEO’s have realized what pushes employees to be more innovative in their careers, as better contributors to the success of the team.
Social media has allowed us insight into the personal world of many ranging from small business owners to high-level executives behind many high-value companies.With the countless ways to capitalize on the opportunities offered through social media, voluminous amounts of people have started online businesses. Social media has created a surge in a number of online boutiques, independent consultants, and media has turned successful business owners into idealized social figures of our time.
Traditional companies that usually take a classic approach are starting to re-brand to cater to modern millennial culture. For example, think of K-Swiss, the luxury brand is re-branding its image as an American sneaker brand. K-Swiss is writing new chapters by re-focusing marketing efforts towards fledgling entrepreneurs. In recent years K-Swiss has pretty much become obsolete in comparison to popular athletic brands like Nike or Puma. However, they’re hoping to change consumer perception with the launch a new campaign; Generation K; geared toward capitalizing on the trend of Entrepreneurial Culture. To highlight these changes their even using young entrepreneurs as spokespersons instead of celebrities or models. This new direction is meant to inspire the next generation of fashionable entrepreneurs.
The value behind Entrepreneurial Culture
Millennials should be inclined to create a side hustle after witnessing their parents go through tons of instability in the workplace; things like corporate scandals, company downsizing after loyal years of service, and of course the general feeling of being underpaid. These market conditions are leading many millennials to become entrepreneurs, so it’s crucial for enterprises to adapt to industry trends.
Creating an entrepreneurial culture allows a business to continually adapt to the employees need to actively pursue new opportunities in the market. The number of individuals in the workplace leaving to join the league of self-employment will only continue to grow. When you think about it, it’s really cool to be a part of a generation that brings a diverse skill set and open perspective to the workforce; this is an element that creates a synergy to fuel innovative growth.