Perceptions of the millennial generation may be wrong, at least when it comes to business.
While there are some stereotypes about millennials' work ethics floating around, this social-media- and tech-savvy generation is starting businesses earlier and planning to reach higher profits than generations before.1
Millennials have grown up knowing the world as an ever-changing, interconnected place. This knowledge, along with the following four attributes and ideas they've formed about achieving success, are what help millennial business owners evolve consistently to and keep up with the pace of business around them.
1. Advancement is important
Career advancement is the most important aspect of a job for millennials. More than half (52%) say it's more important than a competitive salary. But millennials don't look at advancement in the same way as older generations do.2
Historically, employees that "put in their time" were rewarded with promotions. Climbing the ranks was often based on seniority. Millennials don't necessarily think like that. They believe promotions should be based on quality of work, creativity and willingness to contribute to the company as a whole.
That's why more millennial-owned businesses have a flatter structure, with fewer leadership roles and a more of a democratic style of group management.3
2.An understanding of digital advertising
Millennials grew up with mobile technology. Posting a selfie and telling a story to hundreds of followers is second nature. Because of their technology-driven lifestyles, they understand how to create messages and websites that others listen to. That translates into digital advertising skills.
Fifty-eight percent of millennials spend more than half (51%) of their marketing budgets on digital media, compared to just the 14% baby boomers dedicate to them.4
3. Ability to keep an open mind
Millennials are open-minded. With access to the Internet, they've researched different viewpoints that go beyond those of their friends and family.
This quality serves millennial business owners and entrepreneurs well as they encourage out-of-the-box ideas and business plans from employees, embrace creativity and realize that the current way of doing something isn't necessarily the best.
Being open-minded also leads to hiring candidates that aren't the clean-cut, suit-wearing employees who check all the right boxes on paper. They're willing to take chances on new hires and look for potential in areas where traditional hiring managers might not.
4. Prepared for a disaster
Millennials are one of the most concerned generations in recent history. Nationwide conducted a national survey looking at key topics that impact business operations and 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 just 30% of Gen-Xers and 29% of baby boomer business owners. Some experts say millennials' access to media has exposed this generation to many natural disasters, which may contribute to why preparedness is a priority and 42% of millennial business owners have formulated dedicated cybersecurity plans. This careful attention to risk management translates well for millennials in developing thorough business catastrophic disaster plans and purchasing insurance that protects against damage, particularly to technological systems, following a disaster.
To advance your business, whatever your generation, our Business Resource Center can provide assistance and help you plan for success.