The five personality types of Generation Y

Young entrepreneurs are driven by a desire for independence, a belief in social change and a commitment to employee satisfaction. The study shows how the ambitious generation is courted, engaged and involved in business. Some findings in detail:

• 61% forgo profit to stay true to their values - even 78% in South Africa, 71% in the USA and 72% in Singapore.
• 66% say life takes precedence over work, with the largest differences in Spain (79% vs. 21%), Portugal (75% vs. 25%), Switzerland and France (65% vs. 35%).
• One-third of respondents (34%) are driven by a desire to take control of their own destiny rather than wanting to make money (21%).
• Social action is particularly important to respondents in South Africa (80%) and Brazil (81%).

These findings stem from Sage's "Walk With Me Report," which examined the character traits, behaviors and attitudes of the Y generation worldwide.

5 personality types identified

Contrary to common generalizations about the behavior of this generation, the study shows that young entrepreneurs exhibit different characteristics that allow them to be divided into five different personality types related to the workplace. As the study shows, the realists (The Real Worlders) and the adventurous (The Thrill Seekers) are most strongly represented among young entrepreneurs in Switzerland:

• The Principled Planners - very methodical in their approach, they like to plan their success carefully. They have an ambitious streak, take nothing at face value and always ask lots of questions.
• The Driven Techies - love what they do and can't stand sitting around twiddling their thumbs, they rely on the power and efficiency of innovative technology to keep them one step ahead of the competition. They firmly believe that technology enables them to target their existing and future customers.
• The Instinctive Explorers - are carefree, love the unknown and exploring uncharted territory. They trust their gut feeling and demonstrate steadfastness. A modern image is very important to them, as well as leaving a legacy through which they remain unforgotten.
• The Real Worlders - are imaginative, but mostly rely on technology to succeed. When they have to make a decision, they sometimes rely on their gut feeling, sometimes on methodology.
• The Thrill Seekers - quickly bored, they are always looking for the next challenge. They do not care about appearances. They work best for themselves and believe that the social effect of work is overrated.

Want to make a difference

Other findings of the study include the desire to make a difference. In a country comparison, social action is particularly important for young entrepreneurs in South Africa (80%) and Brazil (81%). Respondents in Switzerland (24%), Australia (20%) and France (19%) say they are driven primarily by employee satisfaction, while 34% say they started their business primarily to take control of their own destiny.

When it comes to work-life balance, 66% rate life as more important than work. In Switzerland, the figure is 65%. For respondents in Brazil (71%), Australia (70%), Belgium (70%), Singapore (73%) and Switzerland (70%), reducing hours spent on work and retiring early are important.

Across all countries, 62% expect to be a "serial entrepreneur" and start more than one business - 52% say this because they have many ideas they want to share with the world. 33 % of those surveyed in Switzerland say they will start only one business. 67 % envision starting more than one business during their lifetime.

Generation Y: Anything but homogeneous

"Generation Y entrepreneurs are playing a big role in the startup economy and are transforming the modern workplace at a rapid pace," explains Stephen Kelly, managing director of Sage. "But you can't lump them into one homogeneous stereotype. Our study shows that they can be divided into different camps, each with their own hopes, fears, concerns and ways of working. They will be our next generation of business people, the heroes of business; and understanding what makes them tick will benefit us all in the future. That goes for the people who want to do business with them, buy their products, hire them, or develop strategies to help them grow."

Source: Sage Switzerland