Whenever we think of the word ‘Millennials’, a lot of different words come to mind, and most of them might be negative.
However, there’s more to this generation than the myths and hearsay from others, and you might stand to benefit from their uniqueness.
One of the most challenging decisions business owners like you have to make is who will succeed you. Who will be the best person to carry on the vision of the business or to take it to new heights?
You might have some people in mind already, but I would like to present to you the benefits of having a Millennial as the successor of your business.
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Myths vs Facts: Millennials Edition
To put things into perspective, the age range of Millennials is from 25 to 37 years old, so they make up a significant percentage of the workforce. Let’s look at some myths about them.
Myth # 1: Risk-takers
Contrary to popular belief, Millennials are not fearless risk-takers. It is the opposite. Millennials show risk-averse behavior, so they take calculated risks. This is caused by their experience growing up, watching their parents struggle through the economic crash in the 2000s, or even with their current experiences of student debt, increasing expenses, and earning paycheck to paycheck.
Myth # 2: The “me, me, me” generation
This generation is known as the “me, me, me” generation because people say that they are selfish in terms of their decisions and actions. However, it is not true. Their most dominant trait, according to “The Machine” from Cargo and BRANDthro, a neuromarketing firm, is conscientiousness. That is, Millennials are mindful of others, value first impressions, and want to help others out.
Myth # 3: Too emotional
Millennials are seen as ‘snowflakes’ or are overly sensitive. However, this is another attribute that is not evident in this generation. They are rational in their decision-making. Remember that Millennials are risk-averse, so they try their best to minimize the risks as much as possible, thus planning and deciding rationally.
Millennials And The Business World
So, what does this have to do with you? Understanding Millennials can help you recognize them as important people in your business transition. This generation has a unique set of traits that are vital and relevant in business.
Career development is important
For Millennials, it is important to be given opportunities to grow inside the company or organization, not in terms of tenure but in terms of positive contributions to the goals of the business.
Millennial entrepreneurs usually favor a flatter organizational structure that is more democratic. That is, everyone is given a chance to contribute equally to the company and to grow professionally, too.
Company culture is an investment
Millennial entrepreneurs value having a well-thought-out office space not because it is extra or different, but because they see this as a way to retain talent. That is why they invest in positive and fun workspaces to keep everyone engaged and motivated. Research shows that 60% of Millennial entrepreneurs prioritize this aspect to keep current and future employees happy.
They are optimistic but cautious
Just like what was mentioned before, Millennials are cautious, but they can see positive things, too. According to research, they are the happiest demographic with 66% saying that their businesses are doing well or great as compared to 55% for Generation X and 37% for business owners with ages over 74.
Some Millennials are attracted to starting their own businesses because they have control over their financial freedom, security, and independence without relying on corporations to pay for their bills.
Buying an existing business coupled with the opportunity to work with an owner to learn the ropes is an appealing pathway to small business ownership.
They are digital natives
This is the generation that experienced massive shifts and advances in technology and experienced the transition from analog to digital. They are the bridge between the tech-savvy generation (Gen Z) and the digital immigrants (Baby Boomers).
Millennials are comfortable using technology to reach their target market. Sharing content online is natural for them and they can create effective messages. Fifty-one percent of Millennials invest in digital media, compared to 14% of Baby Boomers. If the business can benefit from social media as a way to reach out to and engage customers, millennials are well equipped to implement strategies quickly.
They have an open mind
Millennials have an overwhelming source of different perspectives from the internet that makes them open-minded to different ideas. Because of this, they realize that there are different and more effective ways of accomplishing things.
This, in turn, creates an open space where ideas are openly shared and discussed and creativity shines. They also invest in a variety of talents, not just the cookie-cutter applicant.
They are prepared for a disaster
This generation knows how to prepare for a disaster, especially since they are exposed to information regarding different kinds of catastrophic events. According to research, 51% of Millennials have a disaster plan, as opposed to 30% of Generation X and 29% of Baby Boomers. This behavior is consistent with their being cautious or risk-averse.
How To Approach A Millennial For Business
Now that you know more about Millennials in terms of how they do business, how can you approach a Millennial to talk about your business?
Know what Millennials want
Millennials are unique in terms of their perspective, so it would be helpful to start there. They value authenticity, so it is important to be transparent about your business- the positives and the negatives. They also love a good story about the business. Millennials appreciate uniqueness, so it would be helpful to market your business like this.
Keep an open mind
Try to listen to their ideas and perspectives about your business because they can provide fresh insights relevant to the growth of your company. This generation is used to adapting to changes, so they have a lot of different innovations that are relevant to the times.
At the end of the day, it is up to you to find the best person to manage your business. Hopefully, this article helped you gain new knowledge and insights that are useful to your journey right now. If you are ready to starr your exit journey today, take our free assessment.