Millennials are Struggling with Entrepreneurism

by | Jan 4, 2019

by Ben Hess, Managing Director, ThirdPool Recruiting

Real estate and entrepreneurism seem to be innately connected.

A person’s passionate desire to start a business is a common component in the stories of the most successful agents.

But according to a recent article in the Atlantic, there may be less entrepreneurial-minded individuals in the Millennial generation.

Research suggests entrepreneurial activity has declined among Millennials. The share of people under 30 who own a business has fallen to almost a quarter-century low….

Why’s this happening?

That’s a complex question, but most researchers boil it down to the high levels of student loan debt and the fear of taking risk. It was difficult to grow-up during the great recession.

There two ways real estate hiring managers can act upon this trend:

-Focus recruiting efforts on those who are later in their careers. The average age of a successful start-up founder is about 40 years old.

-Restructure real estate agent positions to resemble traditional jobs rather than business ownership opportunities. This is one of the reasons that real estate teams are often more successful at hiring.

Responding to changes in the marketplace is a signature strength of any successful business.

It’s a signature strength of a successful hiring manager too.

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