Thursday 5 March 2015 1:51 pm

Impatient for success: Is Generation Y prepared for reality?

Publisher Desk

Publisher Desk

It's a well-worn stereotype that young people want overnight success and underestimate the amount of hard graft they have put in to make something of themselves.

This is perhaps true more so now than ever with young successful tech billionaires dominating the news and even becoming the focus of the silver screen. So do today's youth really believe instant success can be theirs with nothing but a good idea and some social media savvy?

Well, not quite, but not a totally inaccurate picture according to new research conducted for the London Enterprise Festival (LEF), which will be held in London this weekend.

Over a quarter of Millennials surveyed said running their own business would be less stressful than working for someone else. However, Generation Y's rose tinted glasses aren't limited to stress, with over half of the respondents saying they believed most start-ups turned a profit in their first 12 months.

While Millennials may be a little over optimistic about business success, it is encouraging for the future of an entrepreneurial nation that 85 per cent of Generation Y want to steer clear of the traditional corporate hierarchy and be their own bosses.

Erez Nounou, organiser of London Enterprise Festival commented:

Our findings prove that the millennial generation seem to be more impatient than ever before, expecting overnight success or simply moving on to their next venture without investing any sweat equity.

The speakers and panelists taking part in LEF are great examples of how a successful business can come in different shapes and sizes, and that there is no fixed formula for success.

The LEF coined the term "Insta-preneurs" to describe this impatient generation.