Generation Y proves to be the most diverse group of entrepreneurs. They may still have a lot of things to learn from Baby Boomers and other older generations. But we cannot deny that some of the most influential minds nowadays in the business world are millennials. We can learn more than a thing or two from millennial entrepreneurs who were able to build a name for themselves.
They leverage the Internet to stay competitive
Gen-Yers practically grew up with the Internet. Millennial entrepreneurs use this for virtually any task possible. They don’t use this to search on for products they need, to find the best ways to DIY their projects and look for lenders who can offer them the best possible FHA loan rates and terms. They also use the Internet to make their businesses stay competitive.
A survey supports the notion that Gen-Yers are more competitive than other generations. Millennials use web research to search for possible business opportunities and find ways to innovate existing innovations. Some use this to reach out, engage, and get to know their clients better. They also acknowledge the fact that online competitor analysis is one way to get ahead of their rivals. If you want your business to also be as competitive and relevant as millennial-managed businesses, it pays to take this advice by heart and start leveraging the power of the Internet.
They are socially responsible
One builds a business to make more money. But when it comes to millennials, money-making is not their main priority. According to a study, Gen-Yers view running a business as a chance to exercise their sense of social responsibility. Many millennial entrepreneurs give back to the community. They are giving more jobs to the poor, and advertising good causes.
This goes to show that millennials are not starting businesses just because they want to build their wealth. They also believe they have a responsibility to make positive changes in their own little ways. They are influencing other business owners and entrepreneurs to do the same and make the world a better place. Millennials do this through charity works, advocating for sustainable business practices, and promoting worthy causes.
They advertise for work-life balance
Older entrepreneurs don’t value work-life balance that much. They believe that the best way to succeed in the business world is by devoting much of their waking hours or their business. But this is not the case for millipreneurs.
Millennial entrepreneurs value happiness and mental health. They take advantage of their vacation days to give time for their personal life. They understand that relieving stress and being able to do things that make you happy is necessary for a productive and fulfilling life. Gen-Yers make sure they and their employees get to enjoy life outside of work. This is why flexible work schedules and remote jobs are increasingly becoming popular these days.
The population of millennial entrepreneurs continues to increase. Despite all the stereotypes being thrown to this generation, they stay firm in their beliefs. They try to carry on to make their positive mark in the business world. One may not always be on the same page as millennial entrepreneurs. But there is no harm in reevaluating your habits and considering the lessons listed above when managing your business.