Does social media influence Generation Y's entrepreneurial intentions?

Exploring how social media shapes the entrepreneurial ambitions of Generation Y (Gen-Y), diving into its transformative power and influence on aspiring business leaders. Discover firsthand insights and compelling statistics that reveal the dynamic role of digital platforms in fostering entrepreneurial spirit and success.

While Generation Z (born between 1997 and the early 2010s) and Generation Alpha (between 2010 and 2025), born in the digital era, naturally gravitate towards online business, Gen-Y (born between 1981 and 1996), or Millennials, are not lagging in embracing entrepreneurial opportunities.

Social media platforms wield unparalleled influence over Gen Y's entrepreneurial ambitions in today's dynamic digital era. Let's explore how these platforms shape and empower aspiring entrepreneurs.

Amidst this scenario, our recent study with 65 participants, "The Effects of Social Media Effectiveness on Entrepreneurial Intention: Gen-Y Perspective", investigates the impact of social media in influencing the entrepreneurial motivation of Gen-Y.

A staggering 99% of our participants are genuine social media users, with Facebook ivolving as the undisputed titan, embraced by 100% of respondents.

Instagram and YouTube are closely followed, each commanding a formidable 50% share. Platforms such as IMO, WhatsApp, and TikTok are also featured in these individuals' social media repertoires.

The results of our study show that Gen-Y individuals have specific usage patterns for social media. We found that 77% of people spend 30 minutes or more daily on social media platforms.

Additionally, 80% are committed to these platforms, highlighting their essential role in their daily lives. It is worth noting that 68% of Gen-Y individuals have been using social media for more than three years, indicating a deep and long-lasting engagement.

Participants demonstrate unwavering enthusiasm for social media's impact on business. A unified consensus of 100% confirms its crucial function in uncovering new business opportunities and that increased usage is directly related to positive outcomes.

There is a unanimous agreement that social media has a significant and positive effect on various aspects of business, such as improving business skills, promoting teamwork, and establishing strong customer relationships.

People uniformly praise social media as a stimulus for entrepreneurial innovation, an incubator where new ideas bloom and businesses thrive. Moreover, an astonishing 99% of the sample emphasize the effectiveness of enjoyable interactions and feedback in driving business success, highlighting the crucial importance of social engagement and digital discourse.

Entrepreneurs utilize social media as a strategic tool. A unified consensus of 100% highlights the essential nature of direct customer interaction and input, which is vital for promoting business agility and facilitating growth. 85% acknowledge the crucial significance of scouting new business frontiers to maintain agility and competitiveness.

The impact of social media on consumer behaviour is significant, as 85% of people recognize its power in altering online market dynamics. It enables smooth and uninterrupted contact among entrepreneurs, a sentiment that all participants widely support.

They assert that social media plays a crucial part in contemporary corporate strategy, strengthening online presence and enhancing market impact.

However, a paradox was found in these favourable assessments. Participants are still determining their desire to initiate online businesses. Many individuals do not find these activities attractive or satisfying and sense a lack of support from their friends and family.

The considerable disparity between understanding the value of social media and effectively utilizing it underscores the necessity for further comprehensive investigation on this subject.

Participants are well conscious of the significant impact that online enterprises have on supporting community growth and promoting ideas. Social media has demonstrated its effectiveness as a potent instrument for boosting civic engagement and tackling local concerns, highlighting its importance in fostering social cohesion beyond monetary benefits.

Implementing strategic actions to close this gap and fully utilize social media's transformative power to foster entrepreneurial enthusiasm among Gen Y is crucial.

Educational programs and focused workshops can simplify online business environments and apparent ambiguities, inspiring active involvement.

Customized support techniques will empower reluctant individuals, cultivating self-assurance and promoting active participation. Real-world success stories of entrepreneurial triumphs on social media will enlighten aspiring individuals, showcasing the concrete benefits that await those who are daring and imaginative.

Social media exerts a powerful influence, driving Gen-Y towards opportunities in entrepreneurship. While the path ahead brims with promise, addressing hesitations and nurturing proactive engagement will unleash the transformative power of these digital platforms.

By leveraging social media's strategic capabilities, emerging entrepreneurs can create new paths, enhance their influence, and redefine their achievements in the era of digital technology.

Samiha Mamun is an undergraduate student of Army IBA (Affiliated to Bangladesh University of Professionals), Savar, Dhaka.

Md. Rahat Khan is a faculty member of Army IBA (Affiliated to Bangladesh University of Professionals), Savar, Dhaka; editor of the South Asian Journal of Marketing (jointly published by Sri Lanka Institute of Marketing and Emerald Publishing Co.); and Research Scholar.