Opinions about millennials might be off the mark, especially regarding their business skills.
Despite some negative stereotypes about millennials’ work habits, this generation, known for its social media and tech expertise, is starting businesses earlier and aiming for higher profits than previous generations.
Millennials see the world as a constantly changing, interconnected place. This perspective, along with four key attributes and ideas about success, helps millennial business owners adapt and keep pace with the business world around them.
1. Career Growth is a Priority
For millennials, career growth is the most important part of a job. More than half (52%) say it’s more crucial than a competitive salary. But millennials view advancement differently than older generations.
Traditionally, employees who “put in their time” were rewarded with promotions, often based on seniority. Millennials, however, believe promotions should be based on the quality of work, creativity, and overall contribution to the company.
This belief leads to more millennial-owned businesses having a flatter structure, with fewer leadership roles and a more democratic style of group management.
2. Understanding of Digital Advertising
Millennials grew up with mobile technology. Posting selfies and sharing stories with hundreds of followers comes naturally to them. Their tech-driven lifestyles help them create messages and websites that resonate with others, translating 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% for baby boomers.
3. Openness to New Ideas
Millennials are open-minded. With access to the Internet, they’ve explored different viewpoints beyond those of their friends and family.
This quality benefits millennial business owners as they encourage innovative ideas and business plans from employees, embrace creativity, and recognize that the current way of doing something might not be the best.
Being open-minded also means hiring candidates who aren’t the typical suit-wearing employees. Millennials are willing to take chances on new hires and see potential in unconventional areas.
4. Preparedness for Disasters
Millennials are one of the most cautious generations in recent history. A national survey by Nationwide found that millennials are more prepared for catastrophic events like natural disasters than Gen-Xers or baby boomers.
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 and natural disasters may explain why preparedness is 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 their businesses, especially their technology systems, after a disaster.
To grow your business, regardless of your generation, our Business Resource Center can provide assistance and help you plan for success.
