Generation Y is Redefining Entrepreneurship

By ALEX CUSHMAN

Mar 13, 2015

As crazy as it sounds, the economic collapse of 2008 was one of the most constructive things to happen to the world of business. That’s not to say that the casualties of the collapse were insignificant—people lost jobs, a sense of security, a way to feed their families. Yet, these losses were the result of a broken system, one that needed a revolution. The revolution is now happening with the millennial generation, who have cast aside 'corporatocracy' in favor of a system that supports cooperation over competition and values the interconnectedness of people.

Up until the collapse, we had been sold a very convincing formula for happiness: Go to college, get a job, bust your butt and enjoy a lifetime of financial success and personal fulfillment. Having graduated from Pomona in 2007 as a history major, I was in no position to question this seemingly foolproof equation – math was never really my thing. I trusted that if the best and brightest were setting out to chase the proverbial carrot, I would be silly not to follow suit.

So I set out to Orange County, accepted a position at a highly-touted mergers and acquisitions firm and put my nose to the grindstone to make as much money as possible. That was the whole point, right? Why else had I spent a lifetime writing papers and taking exams?

A year later, the market took its infamous nosedive. I watched the white picket fences of generations before me—justifications for a lifetime of hard work and sacrifice—come crashing down in an instant. And in that moment, it became painfully clear that a system built on infinite growth and exponential efficiency wasn’t going to cut it. Still, many continued to chase ghosts of the past and hold on to a dream that was becoming a nightmare. Realities were forced to change and, more importantly, so were priorities.

But as the dust settled and thousands of millennials found themselves without a foolproof formula (and without a job prospect in sight), an important thing happened. The next generation, our generation, was forced to evolve. This resulted in us asking deeper questions about the system as a whole. If our economy couldn’t depend on infinite growth and infinite profits, there had to be a missing part of the equation.

What our generation is doing, and what the business landscape is proving, is that we are putting more emphasis on how business is done. Our generation cares less about a 10% increase in pay than it does a better work-life balance. Our generation values experiences over material gains. Our generation values people over profits. Our generation is championing for companies with similar values, not only as consumers but also as employees. The companies that are able to realize this and match their values and culture accordingly understand how profitable doing ‘good business’ can be.

As a result of this shift, a new classification of corporations is emerging that flies in the face of the old regime: B Corporations, which are for-profit companies that emphasize social and environmental impact versus focusing solely on profit. Such institutions are just now coming into existence and are an important part of the change.

After all, people transcend profit and loss sheets, and behind every number there is a story. People will continue to be interconnected, regardless of any market boom or bust. This emphasis on experience, individuals and values is the change I am seeing in the millennial generation that is so encouraging.

So, as you inch closer to your graduations and the dreaded "what am I going to do with my life," remember this: Just do good. New jobs and industries will emerge that none of us could have ever predicted (even some that sprout up between your first and senior years). The evolution will continue to happen.

Our generation is writing its own story—one that hopefully means something. The way it ends will depend heavily on whether we can continue to support one another and cast our votes for companies that align with our value systems. It is our responsibility to create the world we want to live in.

Alex Cushman graduated in 2007 from Pomona College. He is the co-founder of Positive Energy Beverages.

http://tsl.pomona.edu/articles/2015/3/13/opinions/6143-generation-y-is-redefining-entrepreneurship