In the United States, nearly 62,7000 businesses start up every year. Out of this number, the majority are millennials. However, millennial entrepreneurs are not necessarily any young person, but rather those born between 1981 and 1996. They largely represent the individuals that have been in the workforce for a while. Individuals who are out of college and at the prime of their careers may also be described as millennials, but are commonly referred to as Gen Z.
A major difference between millennial entrepreneurs and their elder counterparts is that the former grew up in a world of technology, and the latter did not. It is from this fact that major differences emerge. That said, here is why millennial entrepreneurs are different from their predecessors.
Millennials are Tech Savvy
Most millennials grew up at a time where technology was widespread. A good number of them took computer classes from a very early age. That exposure made them adapt to changing trends in entrepreneurial practices easily.
Besides, the advent of social media came when they were in colleges, and they were the vast majority of users. Social media was then incorporated into business practices, and they were the first consumers of this new advancement. And so, when they incorporated social media in their entrepreneurial activities, it was a great success.
Interestingly, millennials know everything to do with a computer or smartphone once they are ripe to enter the business market. That makes it easy for them to integrate technology into their business. On the other hand, their predecessors had very little information about technology, and so some would argue that millennials are more productive and innovative than their predecessors.
Millennials Have a Good Knowledge Concerning Marketing
The fact that millennials are active social media users makes them easily grasp some information about marketing from an early age. That is because they are mostly the target group for advertisements made on social media. Once they decide to start up their businesses, they already have some sound marketing knowledge.
Also, because millennials have witnessed technological advancements, including social media, they know which systems work and those that don’t. They are the consumers of this technology, so they know what makes them tick and grabs their attention. Therefore, they know which marketing tools that they should incorporate into their business. That knowledge makes them stand out from their predecessors.
Millennial Entrepreneurs are More Flexible
With the advancement of technology, millennials understand that not all work has to be done seated at a desk. They are hungry to get out there to promote their businesses using the new advertisement tools that incorporate technology and reach a greater audience. Besides, they are able to work remotely and so they are flexible with working hours. Meetings and discussions are held virtually, with only confidential matters being held in person.
Depending on the nature of the job, most millennials prefer only to have essential staff at the office while the rest work remotely. In some other cases, there exists a virtual office with remote workers. The business might utilize the staff in other areas such as product advertising and research. On the other hand, their predecessors had a lot of paperwork and more in-person activities, so they were not flexible.
Millennials are More Purposeful in Their Work
Millennials want to work for money, but also do something that impacts another person in a meaningful way. Interestingly, it is the drive to positively impact people that gives them the strength to work every day. Most of them work because they love the job they are doing despite their pay.
You will notice that most organizations have social programs aimed at impacting their communities. They have service programs that give back to the community. You will get most of them engaging in charity work and taking care of the environment.
Millennials are purpose-driven, and this is incorporated in the way they conduct their business. Many startup businesses have a code of conduct which enables them to enhance ethical practices in their job.
Millennials Value Work-Life Balance
Most of you would agree that the older generation did not entirely prioritize work-life balance. People had to work almost all of their time, foregoing things like hobbies and ample family time. However, things are different now.
Most millennial entrepreneurs are eager to enjoy all that life has to offer, and so they do not work themselves to the bone. They have seen the work-life experience of their predecessors, and they are determined to change that.
Most millennials have flexible working hours, and so they get ample time to do other activities. Besides, most organizations offer services like team-building activities and regular health checkups to ensure their staff works productively.
All said and done, there is a significant shift in how millennial entrepreneurs work compared to their predecessors. The difference has been greatly attributed to changing trends and technological advancements.
What are some other ways you know millennial entrepreneurs differ from previous generations? Let us know down in the comments.
This article originally published on GREY Journal.