Amid the widespread belief that the coronavirus pandemic has dealt a heavy blow to the Millennial cohort, there exists a notable contingent of Millennial business owners who have managed to thrive amidst the turmoil.
One such example is Adriel Lubarsky, who commenced work on his new venture, Riveter, several months prior to the global spread of COVID-19 and the resultant mass unemployment. The timing proved advantageous for a startup focused on aiding individuals in navigating job loss, and Riveter, headquartered in San Francisco, has experienced significant growth since its inception in April.
At 26 years old, Lubarsky views challenging economic conditions as opportune for launching and testing new enterprises, asserting that under pressure, companies must display resourcefulness and innovation. He even goes as far as predicting that the preeminent tech giant of the forthcoming decade will emerge from the crucible of 2020.
According to Lubarsky, the CEO of Riveter, “There’s never been a better time to start a company.” He contends that those capable of enduring the next couple of years will be well-positioned for sustained success.
Similarly, other Millennial entrepreneurs may possess unique aptitudes for identifying opportunities within the evolving economic landscape shaped by the pandemic.
Jeff Fromm, president of Futurecast, a Kansas City-based consumer insights firm, notes that Millennials, having commenced their careers during the Great Recession, are accustomed to navigating uncertainty. With their renowned hustle, they may be better equipped than their older counterparts to adapt to change.
Despite facing financial constraints compared to previous generations and reportedly experiencing higher stress levels, how do Millennial entrepreneurs persevere? Here are several ways they manage to thrive amidst the challenges of the pandemic economy:
Millennials Embrace Online Work
Recognizing the necessity of abandoning antiquated approaches in response to shifting markets, Millennials demonstrate a willingness to invest in digital ventures, despite the associated uncertainties. Companies like Scholly, led by Millennials, capitalize on the digital nature of their products to navigate the logistical and financial hurdles posed by the crisis. Christopher Gray, co-founder of Scholly, attests to the company’s success in assisting students in securing college scholarships, leveraging increased demand for virtual solutions amidst the pandemic.
Millennials Exhibit Agility
Millennial entrepreneurs, according to Lubarsky, excel at identifying real-time demand and capitalizing on opportunities arising from disruptions caused by the pandemic. They are inclined to address issues illuminated by the crisis, such as healthcare accessibility and employment challenges. Ventures like Riveter adopt an intuitive approach to supporting the unemployed, providing comprehensive assistance encompassing professional, wellness, and mindset needs.
Millennials Adopt a Start Small Mentality
With their innate affinity for digital platforms and minimal overhead costs, Millennials are predisposed to launching small-scale online businesses. Rather than attempting to conquer vast markets from the outset, they focus on dominating niche segments and gradually expanding their reach. This approach not only aligns with the economic realities facing their generation but also proves invaluable in navigating turbulent times, facilitating sustainable growth amidst adversity.
