Misconceptions about the millennial generation might be inaccurate, especially concerning business.
Despite existing stereotypes regarding millennials’ work ethic, this digitally adept generation is initiating businesses at an earlier stage and aiming for higher profits compared to previous generations.
Growing up in a constantly changing, interconnected world has equipped millennials with valuable insights. Alongside four specific attributes and notions about achieving success, these insights enable millennial business owners to continuously adapt and match the pace of the evolving business landscape.
1. Value of Career Advancement
Career progression holds paramount importance for millennials. Over half (52%) prioritize it over a competitive salary. However, millennials perceive advancement differently from older generations.
Traditionally, tenure often dictated promotions. Conversely, millennials prioritize promotion based on work quality, innovation, and contribution to the company’s overall success. Consequently, many millennial-owned businesses adopt a flatter organizational structure with fewer hierarchical roles and a more democratic approach to management.
2. Proficiency in Digital Advertising
Having grown up with mobile technology, millennials possess innate skills in digital communication. Their tech-savvy lifestyles enable them to craft compelling messages and websites, facilitating proficiency in digital advertising.
Fifty-eight percent of millennials allocate more than half (51%) of their marketing budgets to digital media, in contrast to the 14% allocated by baby boomers.
3. Open-mindedness
Millennials exhibit openness to diverse perspectives, facilitated by their access to the internet. This trait benefits millennial entrepreneurs by fostering an environment conducive to innovative ideas and business strategies. They embrace creativity and recognize that conventional methods may not always be optimal.
Their open-minded approach extends to hiring practices, as they are willing to take calculated risks on unconventional candidates who demonstrate potential beyond traditional metrics.
4. Disaster Preparedness
Millennials demonstrate a heightened awareness of potential risks, particularly concerning catastrophic events like natural disasters. Compared to Gen-Xers and baby boomers, millennials are more likely to have disaster preparedness plans in place.
Fifty-one percent of millennial small-business owners have such plans, in contrast to 30% of Gen-Xers and 29% of baby boomers. This readiness stems partly from millennials’ exposure to media coverage of natural disasters.
Moreover, 42% of millennial business owners have dedicated cybersecurity plans, reflecting their meticulous approach to risk management. This attention to detail translates effectively into comprehensive disaster planning and investment in insurance coverage, particularly for safeguarding technological infrastructure.
Regardless of generational differences, our Business Resource Center offers assistance to entrepreneurs seeking to advance their businesses and plan for success.
