WHY THINKING LIKE A MILLENNIAL BRINGS GREATER ENTREPRENEURIAL SUCCESS
Are you a millennial? If not, when’s the last time you put some effort into thinking like one? Adopting a millennial mindset is part of a well-rounded strategy for women who want to get ahead and grow their businesses. In fact, it’s not too much of a stretch to say that the future success of your enterprise lies in viewing the world as a 20- or 30-year-old would.
Millennials are often misunderstood and undervalued in terms of what they bring to the table as both consumers and employees. I’d like to share some key take-aways every female entrepreneur should consider for promoting long-term business growth.
The Millennial Consumer
Those aged between 18 and 34 represent the largest generation ever born in the US and the oldest among them are just entering their prime spending years.
As the first generation to grow up with computers, millennials do just about everything online. If your business isn’t fully internet-enabled in terms of ease and accessibility, you’re probably missing out on some valuable client connections.
Their technological upbringing also means that today’s young consumers expect commercial services to be provided when, where, and how they want them. They look to enterprises like Airbnb and Uber to make their lives easier and more convenient. As a result, some of the most successful ventures out there are the ones that disrupt the business world with on-demand offerings.
Thanks to the Recession of 2008, many millennials distrust traditional business models. Because they put far more stock in what other people think about your product or service – than in anything you might say about it yourself – prioritizing customer reviews and customer service is essential.
The internet has fostered enormous global awareness. The upshot is that your millennial customer is more socially and environmentally responsible – and fully expects your business to follow suit.
The Millennial Employee
Millennials recently became the largest working demographic. Predictions place them at 50% of the workforce by 2020, and 75% by 2025. It doesn’t matter what industry your business is part of, understanding how millennials think is crucial for attracting and retaining great talent.