Talking About My Generation, Are You?
Whenever Roger Daltrey and Peter Townsend still sing, “Hope I die before I get old” they certainly aren’t talking about themselves, either as the singers or the entrepreneurs they have become! Just as the Who has prevailed, here in the United States, the last 30 years has seen the number of business owners grow from the 9 million I marketed to when at NEBS, then the US’s largest direct marketer to small business, to the 25 million the SBA now reports are up and running.
So when we are talking about entrepreneurs these days, who are we talking about? In working with teenagers to 90-something business owners, their differences are remarkable. Here are my observations by key age groups (yes, these are stereotypes as entrepreneurs are unique by definition):
The Greatest Generation: These octogenarians came out of the military on the GI bill and started businesses after years of corporate training. Disciplined as a group, they’ve built stable companies through sacrifice and are taken with the profound change and dismayed by the lack of commitment, duty and teamwork they must accept in the younger workforce. Hopefully their self awareness allows them to be wise counsels to younger entrepreneurs smart enough to listen to their wisdom.
More Money than Timers: These 60 to 70’ish owners have succession and transition on their minds, regardless of whether their businesses are successful or not. Worrying about retirement, changing competitive trends, and sustaining their own passion, most are not coasting even thought they hoped they would. Coming from corporate backgrounds, these owners strive to run their own meritocracies and believe that everyone wants to be accountable for their results.
Baby Boomers: The great age wave of those from 45-65, many who are second and third generation entrepreneurs, value their lifestyles equally with their businesses and believe they deserve rewards as much for hard work as for results. Their businesses are vehicles for multiple goals and they are often conflicted and their focus suffers. These entrepreneurs are very open for ways to accomplish their unique and complicated goals
Gen X’s: The first of the new generations younger than me, these 25-45’ers place at least equal emphasis on family and personal satisfaction and often see their businesses as much as a vehicle to accomplish this as one to create wealth for themselves. These owners are the most interested in growing their businesses on their terms and as soon as possible. Many of those who started their businesses did so without gaining the typical experience of working for someone else and “making their mistakes on someone else’s dime”
Millennials: These 15-25 old and youngest of entrepreneurs are coming into their own businesses in the most unusual of ways. Without paper routes, or door-to-door sales to cut their teeth (as a parent I can tell you they are not available as they were for me) these youngest of entrepreneurs are understandably turning to the Internet. Not surprisingly the youngest billionaire on the Forbes list is the founder of Facebook.
Whether you are an entrepreneur, work for one, or sell to one, take these differences to heart. As my consulting business is now split evenly between clients older and younger than me, I can tell you I am learning and applying my understandings of generational differences to help my clients grow on their terms every day. But, as Roger Daltrey and Pete Townsend proved in their latest tour, passion, conviction and energy are essential whatever your age, as a rock star or as an entrepreneur!
