People might have the wrong idea about millennials, especially when it comes to running a business.
Although there are some stereotypes about millennials’ work habits, this generation, known for its social media and tech skills, is starting businesses earlier and aiming for higher profits than previous generations.
Millennials have grown up in a constantly changing, interconnected world. This experience, along with the following four qualities and beliefs about achieving success, helps millennial business owners adapt and keep pace with the business world.
1. Advancement is Important
Career growth is the most important aspect of a job for millennials. More than half (52%) say it’s more important than a competitive salary. However, they view advancement differently than older generations.
Traditionally, employees were promoted based on seniority and time spent at a company. Millennials, on the other hand, believe promotions should be based on the quality of work, creativity, and overall contribution to the company.
As a result, many millennial-owned businesses have flatter structures with fewer leadership roles and a more democratic style of group management.
2. Understanding of Digital Advertising
Millennials grew up with mobile technology. Sharing a selfie and engaging with hundreds of followers is second nature to them. This tech-savvy background means they know how to create compelling messages and websites, which translates into strong digital advertising skills.
Fifty-eight percent of millennials spend more than half (51%) of their marketing budgets on digital media, compared to just 14% of baby boomers.
3. Ability to Keep an Open Mind
Millennials are open-minded. Thanks to the internet, they’ve been exposed to diverse viewpoints beyond those of their friends and family.
This openness benefits millennial business owners as they welcome creative and unconventional ideas from employees. They understand that the current way of doing things isn’t always the best.
Being open-minded also means they’re willing to hire candidates who don’t fit the traditional mold. They look for potential in areas where traditional hiring managers might not.
4. Prepared for Disasters
Millennials are one of the most concerned generations in recent history. A national survey by Nationwide found that millennials are more prepared than Gen-Xers or baby boomers for catastrophic events like natural disasters.
Fifty-one percent of millennial small-business owners have a disaster plan in place, compared to 30% of Gen-Xers and 29% of baby boomers. Experts suggest that millennials’ exposure to media coverage of natural disasters has made preparedness a priority. Additionally, 42% of millennial business owners have dedicated cybersecurity plans.
This focus on risk management helps millennials develop thorough disaster plans and purchase insurance to protect against damage, particularly to technological systems, following a disaster.
To advance your business, regardless of your generation, our Business Resource Center can provide assistance and help you plan for success.