A new Pew Research Center analysis of Census Bureau data shows that in 22 of 250 U.S. metropolitan areas, women under the age of 30 earn the same amount as, or more than, their male counterparts in the major growth segment of the millennial women’s entrepreneurship movement.
“Millennial women born between 1982 and 2000 are incredibly intelligent and determined to be successful, whether they are on a traditional career track, or an entrepreneurial path,” said Peter Burns, the founder of Millennial Queenmaker.
Here is why millennial women are successful entrepreneurs, according to Burns.
• Entrepreneurship is about reading people. At the risk of stereotyping genders, women are better at reading people when it comes to exploring partnerships or business development opportunities than men are.
• Female millennials are better at overcoming adversity than men. Over centuries, they have had to overcome life’s challenges. Thus, they are more capable of rebounding when they have a setback in the business world, which is typically a common occurrence for an entrepreneur.
• Women are collaborative and value community. I’ve witnessed this first-hand at countless luncheons, where I have invited a dozen women. In my cases, I sit back and watch them go to work, and get to higher ground with their business. Because of that skill, they know how to derive benefits at a lower cost from that community. Female millennials are also a lot of more willing to delegate, an important skill for any successful entrepreneur.
• Female millennials are adept at using social media. They have grown up with it, and are well aware of advantages and disadvantages. And because social media can be a lot more cost effective then regular media, there are incumbent benefits with that skill set.
• These women are very loyal. I can’t tell you how many female millennials I have secured funds for, who stay connected to me and the rest of their pre-funding network. That loyalty is repaid in spades by the network, leading to a successful small business.
• They are not stuck on the 9 to 5 mentality. In my experience, millennial women can’t be put in a box, so that they are not available after hours. Their desire to succeed is unparalleled and that translates, typically, into 24/7 availability.
• Millennial women have less ego than the men. Therefore, they accept instruction from those who have been there/done that and won’t question it. Rather, they will execute on it. That give them a greater propensity for success in the business world.
• They are more inclined to seek out business advice to get what they want. The stereotype about men asking for directions is appropriate here. Men are typically unwilling to ask for directions. Women are fearless about it. Women embrace those who can help them.
• Millennial women can multitask far beyond that of their male counterparts. This allows them to get the most out of every opportunity, as well as to see issues that must be resolved before they become problems.
• They are naturally curious. They are curious about new ways of doing things Thus, they are always identifying different approaches and methods that will enhance their business and its chances for success.
“I live and breathe entrepreneurship,” Burns says. “This is why in general I have so many more female friends. Their approach inspires me. It drives me to become a better entrepreneur. One of my goals as a serial entrepreneur and businessman is to identify those female Millennials, who have what it takes to be a successful entrepreneur, and then express my confidence in their ability to achieve greatness. Invariably, they prove me right.”