Thirty years ago, people need to go to the nearest library in order to find out the world’s population. Today, the information can be retrieved within few seconds from any smartphone. This proved how technology is moving in the fast pace. Similar process is applicable for entrepreneurship as well. Nowadays, entrepreneur becoming smarter in providing goods or services to potential customers by leveraging on technology. However, with the introduction of technology, is the passion for entrepreneurship remains the same?
Our forefathers had taught us to put our blood, sweat and tears to survive in this world. As we listen to their heart-breaking stories, we know how hard they were working in order to provide food on the table for their families. Thus, as Gen X grow, they are inclined to apply similar advice and looking for any opportunity arises for business with any means necessary. Many of the marketing strategies were implemented manually, for example advertisements on newspapers and television screens. However, the same principle cannot be applied to our generation. Gen Y are being exposed to a whole new concept “Work smart, not work hard”. This notion was mooted plus additional knowledge as a leverage on how to ensure a business can have a competitive advantage compared to others. Gen Y are being cautious by providing in-depth market research, trend, prediction and feasibility in their business proposal. With all those up-to-date information, their business tend to be stronger and more competitive compared to the ones operated by Gen X.
The trend also showed most of the Gen X were starting from scratch or little assistance. Some financial institutions provided small capital loan schemes. However, not many were able to secure funding with small collateral. Nevertheless, Gen Y nowadays are blessed with enormous government support. There are various start-up capital schemes being provided such as MARA and SME Bank. Majority of them bet big, with little to spare, compared to the Gen X, investing small amount of money with caution in mind.
Entrepreneurship is about identifying growing demand by providing necessary supply to the potential customer. Take a look into our recent education journey in Malaysia. Gen Y are being brainwashed to obtain any degree before starting to work. After high school, they went straight to pre-University to get fundamental ideas of various courses and programs offered before gaining a Diploma or Degree. Their mind was set to obtain any degree first before embarking into a working world. By having a degree in hand, at least the working environment is almost guaranteed. Thus, those starting to venture into business world will be looked down upon as they do not possess any certificate or obtained proper formal education. Consequently, not many are mentally prepared to do entrepreneurship as they already prepared for working world or facing embarrassment from society.
Furthermore, if we drill into passion between Gen X and Y, generally we can see the gap between X and Y are enormous. Statistics show Gen Y prefer to be employed immediately after they graduated. They prefer to work in a more comfortable work environment, report to higher-level management and receive stable income. Gen X, however, dares to take risk to initiate business although the risks are plenty.
In summary, either you belong to Gen Y or X, it really does not matter which generation you are part of. All it takes is a strong will, in-depth knowledge and a little bit of luck to succeed and run your own business. All the best!
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