Generation Hustle: How Millennials Embody the Entrepreneurial Ethos

Millennials and Gen Z are soon positioned to be the plurality of voters, so it’s time for everyone to start taking them seriously.

The Big Picture

Lazy? Entitled? Narcissistic? Whiny? The list of depreciating labels for Millennials goes on and on. Older generations are quick to dismiss my generation as unserious and unmotivated. But here’s an inconvenient truth for them: millennials are getting old.

What’s more, Millennials and Gen Z are soon to be the plurality of voters, meaning it's time to start taking them seriously. Today, you’re far more likely to find a millennial serving as the CFO of a tech company than living in their parents' basement as a barista at Starbucks.

If there’s one major misconception about this generation, it’s that they don’t know how to hustle.

Zooming In

The Resilience of Millennials

This generation’s formative years were shaped by economic hardship. Many finished college right as the Great Recession of 2008 hit, forcing them to navigate one of the worst economic downturns in history. Just as they were hitting their financial stride, the COVID-19 pandemic disrupted home-buying, career growth, and family planning.

Despite these setbacks, Millennials have demonstrated remarkable persistence.

Side Hustles and Entrepreneurship

Far from being lazy, Millennials and Gen Z are working harder than ever:

• Recent studies show that 53% of Gen Z and 50% of Millennials have a side hustle.
• For some, these extra jobs help make ends meet in today’s challenging economy.
• For others, side hustles are a way to develop new skills, explore passion projects, and solve unique problems.

Side hustles aren’t just about survival—they’re about self-improvement and economic mobility.

The Small Business Boom

Entrepreneurship is thriving among Millennials. According to an April report from the Associated Press, small business applications have surged:

• More than 5 million applications were filed in 2021 and 2022.
• A record-breaking 5.5 million new businesses were created in 2023.

Millennials Value Choice in Work and Life

Our polling consistently shows that Americans want more choices. This applies not just to retirement and healthcare but also to work:

• Millennials don’t want to be confined to cubicles for 40 hours a week.
• They value flexibility in schedules and work environments.
• Remote work isn’t about slacking off—it’s about maximizing productivity and personal growth.

After experiencing the flexibility of remote work during COVID-19, many Millennials realized they could use their commute time to grow their businesses or learn new skills instead.

Data Snapshot

Here’s what the data tells us about Millennials and Gen Z in the workforce:

• Over 50% of Millennials have a side hustle.
• New business applications hit a record 5.5 million in 2023.
• The majority of Millennials prefer flexible work arrangements over traditional office jobs.

Independent Lens

Older generations love to talk about how they achieved financial success through grit and determination. Millennials share that same drive but are finding creative ways to reach their goals in today’s economy.

This generation works hard, innovates, and hustles. Whether they like the label or not, Millennials have undeniable capitalist tendencies—they are redefining success through entrepreneurship and self-reliance.

It’s time to retire the outdated stereotypes and recognize Millennials for what they truly are: the self-starters shaping the future of work.

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