The data found that Millennials alone made up 49 per cent of new businesses in the year to 31 March 2025, while Gen Z accounted for 13 per cent, Gen X comprise 27 per cent of new businesses and Baby Boomers made up 10 per cent.

It is also noted that construction and retail trade are the most popular sectors for Gen Z entrepreneurs, while Millennial entrepreneurs favour property and business services.

While the age breakdown of new business transaction account openings has remained fairly steady since the pandemic, the report predicted that the Gen Z cohort will grow in the coming years as they get older, and other age groups focus on the growth stage of their business.

CommBank small business banking executive GM Rebecca Warren commented that the various headwinds businesses had encountered over recent years did not appear to be dissuading too many younger entrepreneurs.

“Gen Z and Millennials account for 72 per cent of all new businesses in retail trade, showing younger Australians are willing to pursue their passion despite the challenging environment this sector has faced and continues to tackle,” Warren said.

“Australian small businesses have dealt with many challenges over the last few years, and their resilience has never been more evident than in the way they’ve been navigating the challenging market, the impacts of the election, tariffs and changes to rates. It is great to see that the entrepreneurial spirit in Australia is very much alive, with under-45s continuing to lead on new business start-ups. We are proud to be supporting Australian small business owners achieve their goals, whether they’re just starting out, or growing their business.”

The research was released on the occasion of the Australian Fashion Council (AFC) Australian Fashion Week in Sydney this week. CommBank is a sponsor of the event, which champions young entrepreneurs, First Nations designers, and the Australian creative industry.

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At that time, 40 felt so old: so far away. Yet here we are. The irony: here I am, part of a generation, who are now either in that phase or coming up to it.

I’ve written a lot about the millennial “quarter-life crisis”. It happens when our generation reaches their late 20s or early 30s and starts to question life. They ask where they should be, could be, if they’re “on path”, and reaching the “right milestones”. It usually happens because they compare themselves to their parents at the same age. Who often had families, homes, and steady careers. And while this is a huge subject alone, it’s hard not to wonder how this compares to what the “mid-life crisis” will unveil.

For one, as a millennial, these questions such as: “Have I achieved enough?”, “Am I where I should be?”, “Should I be doing more?”, “Am I living an authentic life?”, “Am I happy?” etc don’t end. They may have quieted down, but I realise that the volume dial is being turned up again. This isn’t helped by comparisons, FOMO, perfectionism, overachieving and general anxiety that our generation experiences. It’s also not helped by the changing world around us. We continue to pivot and adapt – to exhausting degrees – in what feels like a perpetual game of “keep up”. This also includes the current “recession”. We’re struggling with cost of living, continued debt, limited jobs, rising interest rates, political uncertainty … the list goes on. And yes, while I realise it’s not just millennials feeling this way, it doesn’t stop questioning whether we’re the most challenged generation. Or, if this is just history repeating itself.

But deep down, there’s something else. An unanswered question (or questions) perhaps. Is how I feel – how our generation feels – the same as what those adults we laughed at felt? Our parents, even our grandparents? Did they ask the same questions? Did they feel the same way?

The world is different. We can’t compare apples to oranges. But I wonder if this period isn’t about dealing with the world around us, as much as it is about the existential questions that arise from time to time. In this instance, letting us have full permission to throw a tantrum on our 40th birthday.

But what then to the quarter-life crisis that we’ve been through? That was tough. How do we gear ourselves up for the next round? And will this be the last? Or should our generation be penciling in a mid-50s crisis? The one where we realise we’ll never be able to retire because we’re still carrying the burden of debt from our 20s. Or because we’ve had to pivot into our tenth career to try to keep up with the job market and the ever-changing world around us.

Whatever the road ahead, however we deal with the next “crisis”, we can take solace in the fact that we aren’t alone. As a generation, and as humans. And as the age-old saying goes, “This, too, shall pass.”

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“I’m sick of entitled millennials who leave their belongings in other people’s homes rather than buy their own.” That’s a statement, I heard recently from a friend of a friend: A Boomer. It was a close to home dig: because who hasn’t left a few boxes of personal belongings in a friend or parents’ garage as they’ve rented, moved between homes, or travelled? Apparently however, for some older folk, it’s an entitlement issue.

Diplomatically, I say, “Sure, I hear you, I get you and I can appreciate your views – but l will challenge you. Let me break down the reality so you understand what millennials are working with.”

To begin, millennials aren’t entitled: not in a sense of what people “perceive”. We’re a generation who’ve been moulded, conditioned, and shaped by everything around us. We’ve grown up in an era of perpetual challenges – political sagas, economic ruin, world-changing events, acceleration of technology – to name a few. The world isn’t like it was two years ago, let alone in the Boomer heyday 20 or 30 years ago.

Parents and society made us

Millennials grew up with helicopter parenting. Parents who encouraged them to be, do and have anything they want. Parents who mollycoddled, made decisions, and pushed them barely giving them any rope to hang themselves or fail. Then there’s the ‘reward for everything’ aspect – largely fueled by society who caught onto the trend that giving all children a trophy for simply participating, was the right thing to do. This formed a generation who learnt that they could have what they want and have their parents involved heavily in their lives – including the decision-making process (‘snowflakes’ as the saying goes). Add on the fact we’re living in a world of instant gratification – where technology has advanced the speed of everything. Everything is on demand, and we can get what we want with the click of a button.

The economy confines us – as does finances

Did you know that Boomers are the wealthiest generation in the world? And this includes having the largest portfolio of property, pension, and investment portfolios – which they’ve accumulated over their lifetimes. All of this equates to trillions of dollars. (In fact, in the US alone, it’s estimated that Boomers have $156 trillion in assets). There will be no other generation that accumulates the amount of wealth Boomers have.

Conversely, Millennials are associated with the highest levels of debt compared to previous generations. In fact, they’re up to their eyeballs in it. From student loans, credit card debt, mortgages, and the challenges of rising education costs, stagnant wages, and increased living expenses millennials have significant debt burdens. Nothing is affordable; everything comes at a cost.

Different times, different generations, different upbringing. And for those quick to judgers let me ask you: what would your life look like under the same conditions, with the current economic situation and circumstances?

So next time a millennial asks for a place to store a “few belongings” remember that alongside the issues that have both shaped and barred certain “privileges” (like a home), they might also be the only belongings they own.

The post I’m sick of entitled millennials who [fill in the blank] appeared first on Inside Small Business.

For some who aren’t used to an honest, open, in some parts direct approach this can feel somewhat disconcerting – I’d even say challenging (in the ruffled features type of way). Especially those who aren’t used to said approaches. However, for millennials, it’s a natural stance; it’s part of who we are.

While challenges may come from others in our lives, those who don’t necessarily understand who we are at the core, it offers so much; so much learning, so much ‘lead by example’, so much to learn. What our generation does is open our hearts, and we let others know not just what we feel, but how we feel, in the ways that affect us. And the vulnerability that comes with that – like the workplace conversation around pay, or our ways of working, or our mental health needs – we place in the hands of our managers, our colleagues, and those in our lives who interact with us every day.

Why? Because we care. We care about our lives and those of others, doing the right thing, creating impact, looking after ourselves, leaving a legacy, raising children ethically, doing the right thing for the planet, and making sure our lives are balanced in a way that provides meaning, purpose and fulfilment that might not be the same way as our parents or grandparents, or ancestors – but is for us. It’s a different way of being and living. Creating a new narrative that is based on fulfilment rather than what’s “right”, “wrong” or the “shoulds” that tend to govern most of our world. But it’s not just an approach, it’s a way of living: inherent to the millennial generation. We have so much to offer those who are willing to see and to listen to our views, our perspectives, our wants, and needs.

Times are changing and they have changed. The paradigms of the world are breaking apart and being led by new voice, new perspective, and a desire to do things differently: at work, at home, for the planet and for humanity. And you might be asking ‘How does this translate into business? The workplace, and our lives as colleagues, as managers and leaders?’ Because those roles – how we show up – are not separate: they are part of us.

There is so much to learn from a generation who are fundamentally trying to shift this plane, trying to shift our humanity and our collective ways of working across this world, in a way that represents and, in most parts, reflects, who we are: a utopian view of our existences, of everything we do in life, operating in a cohesive way that offers value to us and our lives.

So, when we ask ourselves the question “Is this is it?”, we know it isn’t. We know there is more. This is why, we’ll roll up our sleeves, and move into a new way of being and doing: a new reality of operating and existing; fueled by the innovative mindsets we have, the new ideas that are born every day and a willingness to want to create a meaningful life, for us and those around us.

For managers, use this to your advantage. For colleagues, understand there is much to be gained. And for workplaces all around the world, listen. Because you have the key to prosperity at the tips of your fingers.

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For millennials, the purpose of work goes beyond merely earning a paycheck or climbing corporate ladders. While these traditional views and norms still exist, they’re no longer being viewed as “the only way”. In fact, for many millennials, these approaches have become outdated.   

The values and priorities of millennials mean this workforce see things differently. Work – the ‘what’, ‘why’, ‘how’ and its very role in their lives – are, therefore, going to be different. There are a multitude of workplaces who are continuing to experience issues with their younger workforce – and unless being led or managed by millennial leaders who may “get it” when it comes to wants and needs – then risks remain. 

Key for workplaces to understand is first, the majority workforce is millennial. Ask, listen, and accommodate are a must if you want to get the best out of them. Second, understanding the purpose of work through their lens – those key aspects that millennials emphasize – is critical to safeguard engagement, retention and recruiting talent.  

Millennials value work that provides a sense of purpose and fulfilment. They want jobs or roles that align with their personal values and allow them to make a positive impact on society or contribute to a greater cause. Linked to this, is the role of their workplace when it comes to social impact and corporate responsibility. Millennials are passionate about social and environmental issues – sustainability, inclusivity, and ethical practices matter. 

Millennials seek flexibility in their work arrangements; while the term work-life balance is often used, it’s more about work-life integration. This workforce values being able to pursue personal interests, spend time with friends/family, and maintain their physical and mental well-being. This flexibility also stems to technology. Growing up in a digitally connected world, millennials value the role of technology and the freedom and autonomy it provides. 

Millennials are committed to personal development and continuous learning – which means they seek opportunities for skill development, knowledge, and experiences. Career progression, professional development and a supportive work environment that can make that happen matter. 

Millennials prioritise work environments that provide and promote a positive work culture; inclusive and diverse workplaces that foster a sense of belonging and are focused on employee wellbeing. This also ties in closely with their want for collaboration and a sense of belonging. Millennials appreciate collaborative work environments that foster teamwork and open communication. They value opportunities to work with diverse teams, share ideas, and collectively solve problems.

Oftentimes, workplaces face resistance from senior leaders who still hold misperceptions about this generation or feel that changing might be “pandering”. This isn’t the case. Put simply, the millennial workforce represents a shift in values and expectations that offer huge benefits. This awareness and listening aren’t a weakness; it’s a strength. Part of mitigating the ongoing challenges that workplaces experience, and futureproofing success for the long term. 

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And if I hadn’t had several millennials seeking advice of late, with an “I don’t think I can deal with the ‘boomer culture’ anymore” mentality then I wouldn’t call it out. But it is a thing, and it’s continuing – in fact, I’d argue, propelling – millennial talent to quit.

Dealing with two predominant cultures in the workplace (sorry Gen X, you are sandwiched) is becoming a heightened issued across workplaces. This generational divide if you will, between boomers and millennials, is causing major challenges – guised under issues like retention, performance, and engagement. It bothers me, significantly, the absence of understanding and division.

On the one hand, millennials are fed up with outdated attitudes and ways of working that boomers are still demanding. On the other hand, boomers are fed up with the ‘entitlement’ of millennials, their expectations and unwillingness to ‘pay their dues’. And while jokes of throwing in a referee have been cast about, it’s more than that. To deal with this challenge, what workplaces need, is a translator; someone to help bridge the gap and find a middle ground.

So, with that in mind, here are some simple translations.

Dear boomers…

I understand that we millennials are a different breed. But we do have good intent. While it might not immediately solve the problems you have with us, sharing some insight might be helpful.  The “expectation” attitude isn’t so much expectation as it is simply how we are. We’re driven to achieve, programmed for trophies and don’t know what failure is because our parents said there wasn’t such a thing. This isn’t helped with the instant gratification world we live in, where we get what we want quickly. Social media doesn’t help – we find ourselves comparing our lives to others. The ‘snowflake’ stereotype is just that; in fact, we’re resilient and deal with change well. Our values are governed around purpose, fulfilment, meaning. We take an integrative approach to our lives – work is only part of that. That’s why rigid structures, long commutes and inflexible working hours don’t work for us. Flexibility and autonomy matter. We appreciate your knowledge and experience; and how hard you’ve worked to achieve what you have. Please help us with structure, feedback, compassion, trust, and communication.

Dear millennials…

I understand that we boomers can feel like your parents at times, constantly “on your back”. But we only want what’s best for you. We grew up in a different era; the luxury of technology didn’t exist and we’re still adjusting to the efficiencies this brings. This includes communication and working remotely. Our bosses made sure we were in the office, physically, because that showed commitment and loyalty. We still prefer communicating and working with people in person because it builds trust and mutual respect. Our entire careers have been marked by effort, long hours, long commutes, and sacrifices. It’s what we know works. This includes promotion – moving up the ladder through effort, experience and time served. We’ve worked hard: at times poured blood, sweat and tears to our jobs so we can raise our families (which includes you). We appreciate your innovation, flexibility, and adaptability. Please help us with respect, communication, quality outputs, decisiveness, and initiative.  

The world is complex enough, without the nuances of generational diversity. Bridging the gap and resolving issues begins with awareness, understanding and mutual respect.  

The post It’s a boomer thing: don’t let it get to you appeared first on Inside Small Business.

CPA Australia’s latest Asia-Pacific Small Business Survey shows that while Australia has the highest percentage of small-business owners aged 50 and above in the Asia-Pacific region, the country only ranked ninth out of 11 when it comes to the proportion of small-business owners under 40. Furthermore, Australia is ranked among the worst in Asia-Pacific for attracting young people into small-business ownership.

“Where have all the young business owners gone? They’re ‘Generation MIA’ when it comes to small businesses,” CPA Australia Senior Manager Business and Investment Policy, Gavan Ord, remarked on the research findings, adding that the organisation has urged the Federal Government to hold a public inquiry to find out what is stopping young people from set up their own businesses.

“The survey results show that young business owners and founders are a necessary ingredient for Australia’s economic future, our digital capabilities and future innovations,” Ord said. “We need Australians of all ages running and owning small businesses. Diversity brings huge benefits to the economy. The absence of young people has long-term implications.”

The failure to attract young people to entrepreneurship has been attributed to the low level of digital capability of Australian small businesses compared to their Asia-Pacific peers and are among the least likely to innovate in 2023.

In fact, 30.4 per cent of small businesses in Australia are not using social media, compared to the Asia-Pacific average of 15.4 per cent. In addition, only 18.8 per cent of Australian small businesses sought advice from technology consultants last year. And the businesses that did invest in technology have focused more on updating their website and computer hardware rather than adopting new and innovative options such as artificial intelligence.

The lack of digital know-how within Australian small businesses extends into cybersecurity, with only a quarter considering cyberattacks to be a possibility in 2023, compared to an Asia-Pacific average of almost half.

“Australia’s small businesses are unlikely to innovate,” Ord lamented. “Only 14 per cent are intending to introduce a unique product or service to the market in 2023. This is the worst result in Asia-Pacific. A lack of innovation is a drag on economic growth and productivity that we will feel for years to come.

“Encouraging new talent to launch small businesses can boost long-term innovation,” he added. “The government needs to ensure running a small business is an attractive option for young people who can bring their digital skills to the sector.”

On a more positive note, the report notes that Australian businesses had their best year in five years in 2022, with 47.6 per cent of small businesses growing. This year is likely to be even better for Australia with more than 55 per cent of businesses expecting growth despite current and future economic challenges.

“It’s understandable that some young Australians are questioning whether business ownership is worth the stress and commitment. The pandemic, rising cost of living, high property prices and global uncertainty are adding to their doubts,” Ord said. We want young people to seize the opportunity to control their own destiny. This is a huge chance to inspire and encourage young people into the business community as Australia continues to recover. We want the government and current business owners to explore how to attract young minds into this critical sector.”

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This type of approach doesn’t work. Not only because it’s harmful to a business, but because millennials, management or otherwise, are no longer willing to tolerate this type of culture.

Let’s look at the consequences to business. Unsupported or unskilled managers can’t do their jobs, which means teams under them suffer. Those being managed don’t receive the support they need, so getting the best out of them doesn’t happen. By default, performance drops and then in turn, morale: because who wants to be working for a manager who can’t manage?

For those millennials in management positions, it presents as complicated. On the one hand, you have the internal driver of millennials who are (and will) do all they can to swim – because they are committed to achieving, want to give their all and don’t want to fail. But in the wake of doing so, the cost to their wellbeing and mental health becomes an issue – which means one of two things. They sink – and unduly take on this sinking as a failure of them, internalizing this to nth degree. Or, they’ll jump ship before the sink happens – taking a firm stance that the lack of support and ‘toxic’ culture is not conducive to getting the best out of them. And in addition to that – something that workplaces may not realise – is the reputational damage. Millennials talk openly; and if your workplace has burnt them through the absence of support, then you’ll be pushed to get new talent in the door.

So, what’s the solution? Promoting someone doesn’t – and shouldn’t – mean a washing of the hands or a termination of support. For millennials, a promotional opportunity is a step towards new pathways of learning and development: it’s not an endpoint. Key to supporting millennials in management positions, and teams performing, requires three simple things.  

1. Support via structure. Make sure that systems and processes are in place to support managers. The last thing a workplace needs or wants, is for a new manager to have to step into a role and create basic structures that should have been there already. Not only is it wasted energy, but it detracts them from doing their actual role. The basics matter.  
2. Support via upskilling. Not everyone makes a good manager, which is why helping your managers understand what makes a good manager, including their own strengths and weaknesses, is important. Having them learn or train concurrent with the day to day of managing can provide a golden opportunity for hands on transference of learning, and valuable case studies.  
3. Support via mentoring. Making sure managers have someone to talk to – whether another senior manager or mentor – is key. Someone that can support them not just in the early stages of promotion, but ongoing through the management journey.    

To get the best out of people means offering a platform for support – and managers are no exception. Valuing and investing in your managers will make all the difference in how they show up, how teams perform and what type of workplace you become. And those workplaces who are smart, know this.

The post Supporting the transition to management: three key tips appeared first on Inside Small Business.

While workplaces have shifted over the years when it comes to offering pathways for progression and satisfying the needs for growth and development – particularly for the millennial generation who require it – there remains a challenge: the race to the top.  And while there may be a perception of a growing trend of millennials wanting to ‘climb the ladder’, it’s this very term that is often met with different views and expectations. First, from millennials in pursuit of the ‘climb’, and second, those in the workplace – management in control of, or colleagues observing, the ‘pursuit’. The result of which can end up in disconnect if perspective and intentions are not understood.

For some workplaces, progression – including growth and development – is tied directly with the upward chain of the ladder and demonstrated through promotion. Millennials can oftentimes find it a challenge working in workplaces that are stringent on structures and hierarchy as the only way for forward progression. However, they are aware of the catch-22 this presents. On the one hand, the ‘conflict’ of having to follow the same path of development, via a promotion-only route; on the other, giving them what they desire – opportunity, recognition, and growth.

For millennials in these workplaces, the propensity for the race to the top is most likely to be seen. And with that, the high level of expectation they too, place on themselves to climb that ladder – to do it all – as soon as they enter the workplace. Not least because of a need to ‘prove’ themselves in what can sometimes be felt as a ‘dog-eat-dog’ world, but because of the realisation that for this workplace, the only way to get what they want, is up.

Key for those managing millennials is expectation management. Because the reality is, while the ‘quest up’ is on their current agenda, it may not always be there – including them – especially if they are offered a faster route. What’s important for managers to understand is their intent, and why: asking the question on what progression means to them. Is it because they are genuinely interested in rising into senior management in this specific workplace, and investing themselves back, or is it because of an unfilled need (i.e., their worth) they think will be filled once they get there? And if so, is there an alternative pathway to fulfill what they want?

This isn’t to discourage progression (or ‘the climb’), but instead to manage the expectations of all those involved because the consequences of those situations are both very different. And what workplaces would benefit from, are outcomes that support all those involved – which includes taking the pressure of both millennials and managers for this ‘race to the top’.

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If you were to ask any millennial right now to fill in that blank, I can guarantee some of the keywords would be: ‘tired’, ‘annoyed’, ‘frustrated’, ‘over it’. Now experiencing the second, or third recession in their lifetime, it’s becoming increasingly harder to hold the banners of ‘keep your chin up’. And to counter the “but every generation goes through respective challenges” statement – which does have validity – if you were to go down another layer, I would argue that millennials are finding these challenges disproportionate to history – and hard. Very hard. 

The issues that are manifesting are plenty: whether it’s rising rates of mental health issues caused by stress, anxiety, depression and increased levels of isolation and disconnection, increased rates of debt and borrowing, disgruntled employees who are underperforming, to the outright job quitters who are simply fed up… it’s a complicated picture. None of which is being resolved: in fact, if anything, situations which are getting worse.

Managing through change and uncertainty can be a challenge at the best of times. But with the increasing challenges that have presented themselves in recent years – not helped by the current economic and political landscape of the world – alongside the sheer deflation of younger generations who aren’t just feeling the external pummeling but are utterly fed up and struggling to keep perspective because the world won’t stop with the grenade throwing, it’s adding a ‘dire straits’ component to managing.

Not to take value out of what is a huge body of knowledge on best practice management techniques, especially managing people through change and uncertainty, what can sometimes occur is overlooking one of the core foundations of all of this. And that foundation, in its simplest (yet paradoxical) form is: the human approach.

Emotion. Connection. Appreciation. Understanding. This approach – one which demonstrates a heightened level of EQ, and a core trait of an excellent leader – is what is needed. While we can dress up process, and techniques and tips with layers of ‘doing’ or ‘being’, underneath it all, there is a need for an emotional resonation, or appreciation, with your teams.

Millennials, for better or worse, are a generation who are conditioned for the need to feel heard; acknowledge and validated. For those letting out a quiet sigh at ‘just something else’ this generation need, the reality is, it’s simple to do.

Millennials aren’t demanding their managers to come up with solutions to the global problems that exist – in fact, they know you can’t. But sometimes, all they want is someone to hear them out: a place to express how they feel, and in turn, how that translates into their work life. Millennials are a generation who integrate life (personal and professional) which means managers should consider how the outside world and the challenges are impacting millennials.

And if managers can take the time to listen, and demonstrate appreciation, then it has the potential of offering a ‘simple’ solution to improving trust, attitude, and engagement.

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