Who are millenials?Millennials are those born in the early 1980s to the late 1990s, also known as the ‘Generation Y’.This generation is known to be the innovators and are the ones gradually taking over thecorporate world. Whether innovating the next best- selling product or building an onlinebusiness, millennials are fast becoming the generation of business thinkers, wanting morecreative fulfillment than the traditional 9 to 5 can offer. Majority of the millennials are extremelyhardworking and economically conscious while also caring about social issues and sustainability.These characteristics mean millennials are turning to entrepreneurship to lead a creativelyfulfilling career.The shift in corporate cultureEmpowerment and collaboration are the two key elements which the shift revolves around. Themillennials are defined by the digital revolution and thus have ignited a wave of cultural andorganizational change. They are a progressive generation looking for a greater degree offlexibility.Millennial entrepreneurship in IndiaMillennials in India are exposed to the post liberalization era. Thus they have more stabilizedstartups and can forge into new paths. They are observed to be ‘exponential entrepreneurs’; onewho can use technology to transform a business. The government’s role in fosteringentrepreneurship by taking initiatives such as Startup India is unique and attempts to improve theease of doing business for newly launched businesses. The millennial entrepreneurs are known tovalue their independence of thought and creative freedom. The country has vibrant availabilityof banks, incubators, venture funds and investors to fund the entrepreneurial growth story for thedeserving and scalable business ideas. Millennials are driven by purpose and thrive on suchbusiness opportunities.OLA-a successful Indian millennial entrepreneurshipOla (ANI technologies) previously known as Ola Cabs was started in Dec 2010 by 2 IIT Bombaygraduates. Ola serves as an efficient taxi aggregator and bridge the gap between cab owners andcommuters. Instead of buying and renting out their own cars, Ola partners with a number of taxidrivers and owners, add a touch of modern technology to the whole set up, where people couldbook cars at short notice through their app. The business model works on a very simple concept.Ola acts as a facilitator in providing cab-booking services. Customers can book their cabsthrough the app. Ola does not own any of the cabs. Only those drivers with valid permits dulyauthorized and verified by transport authorities can sign up with Ola and they could be eitherself-employed or work for an operator who owns multiple cars. Ola takes a commission of about15% on all the booking done through the app. Ola is now India’s largest ride-hailing app withabout 60% market share in India. The four-year- old startup is valued at $2.5 billion—the thirdhighest valued consumer internet company in India. Since 2011, when it was set up, Ola hasraised a little over $900 million from over a dozen investors in at least eight rounds. Thisincludes angels, marquee venture capital firms and hedge funds. The lure of this home-growncab aggregator has proved irresistible to investors. What are the millennial entrepreneurs lacking?While millennials are not lacking in entrepreneurial spirit or drive, they are bogged down byseveral factors that are somewhat unique to their generation. Millennials have been toned to thenotion of a college degree being the pathway to a successful career. As a result, college graduatesno longer have as much of a competitive advantage and increasingly find themselvesunemployed or underemployed as they struggle to pay off their student loans. These are not idealcircumstances for investment in a new business. Afraid of failure, millennials are also less likelythan previous generations to take risks. This could be the side effects of seeing the greatrecession unravel its brutal effects on the economy. Millennials have disregarded the life andcareer flowchart that was so formally laid out by the Baby Boomers.The rise of a millennial entrepreneurThe Millennials are an on-demand instant-gratification generation that has become emboldenedby technology and molded by world events.  There has been a major shift in the working of thebusiness. Millennials have far different goals; it’s no longer simply about making money, thegeneration believes that profit and purpose can go hand-in- hand. Millennial entrepreneurs arealso more active, with an average number of launched businesses double than that of theprevious generation at 7.7 percent against 3.5 percent. The annual turnover of businesses run byMillennials outperforms those owned by baby boomers by 43 percent. The success of millennialentrepreneurs at a relatively early age marks them out for even further greatness. The gross profitmargin target of Millennials stands at 32.6 percent in 2015 to 2016, against 27.5 percent forcompanies led by baby boomers ConclusionMillennials are the generation that have evolved with change. They are living and breathing thechange in the society. From a digital to a collaborative economy they have been exposed to all.Possessing the experience and education needed to succeed in an entrepreneurial venture;millennials can easily tap new opportunities and explore new platforms. The millennialgeneration has featured some of the most gifted and innovative entrepreneurial minds of our era.Tech entrepreneurs, like Facebook's Mark Zuckerberg and Tumblr's David Karp, are bothmillennials who revolutionized the way we use the internet. Thus, millennials could possibly bethe biggest entrepreneurial generation.

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