Millennial entrepreneurs or millennipreneurs are unlike previous generations of entrepreneurs. This is not only since they tend to be more casual and flexible than older entrepreneurs. They like to do things differently and often challenge traditional business norms. Many think they are lazy because they would rather outsource and work from home. But then, many millennials managed to start successful startups because they run their business differently.
Sure, some things can’t be changed in the business world. But millipreneurs are slowly dominating different industries. This is because they already outnumber Gen X and Baby Boomers. They also take different approaches that help in adapting to the ever-changing needs and demands of customers. Wonder how different millennials are from other generations of entrepreneurs? Here’s how.
They Are Highly Collaborative
Older generations often run their business alone. They tend to keep their ideas to themselves for fear of others stealing their concepts and getting ahead of them. But millennials are different. They are not afraid to collaborate and often pitch their ideas to people they know can help their brand in many ways.
Studies show that millennials are skeptical and have low social trust. But when it comes to business, they know that two or more minds working together can generate better results. This is one of the reasons why many millennial businesses have two or more co-founders.
Millennials also value feedback from both their customers and employees. They use different tools such as online survey software to get insights, generate ideas, and find ways to grow their brand. They collect and gather data and make sure they put what feedback they collect to work.
Their Business is Always Tech-based
Have you ever seen a business run by millennials that do not use technology in one way or another? Gen Y is mostly dependent and in love with technology which is why their businesses are often technology-based. They use social media marketing as one of their first few steps in marketing their brand. They have even managed to reduce their startup costs because of their tech usage.
Millennials are not afraid to use technology to their advantage if it meant making their business more efficient. They make use of whatever gadget or equipment they have for their brand because they know that technology makes it easier to accomplish different tasks. They are also more willing to invest and try out new technology than older entrepreneurs if it meant getting more leads and growing their business.
They Want Their Brand to Have a Purpose
Most entrepreneurs open their businesses for the sole purpose of growing their wealth. But for millennials, it is usually a different story. Money is just a bonus as many millipreneurs built their brand because they want to make a difference.
More and more companies now exist because their leaders want to achieve a purpose. They want to make a positive impact in the world by running a customer and employee-centric business while giving back to the community. Charity giving is a priority, and they are more likely to use a portion of their business income to finance their philanthropy.
Since millennials and Generation Y both value business with a purpose, this makes it easier for millennial entrepreneurs to target young consumers. They want to be able to wake up in the morning and run a business that enables them to realize their social responsibility than choosing a nine-to-five job that pays more than just the bills.
They Don’t Want to Experience the Older Generation’s Burn Out
According to studies, millennials are battling a mental health crisis. They are seeing their health and happiness decline because of many stressors, including financial burdens and workplace woes. They saw just how stressed out their parents are with their work and don’t want to experience the same, which is why they tend to run their business differently.
Since millennials value work-life balance, it also shows in how they run their companies. Most millipreneurs are not afraid to hire remote workers and operate their business from home. They offer their employees with attractive perks because they don’t want their staff to feel stressed and burned out.
Gen Y entrepreneurs know how important mental health is which is why they created a workplace that aims to support better mental health. They offer incentives that aim to improve their staffs’ mental and physical health. They know that this is a wise investment that can help boost their employee’s production rate.
Millennial entrepreneurs tend to be more casual when running a brand. Most don’t require strict business attire and they offer flexible working schedules. They want their employees to also experience work-life balance because they also want the same.
In a nutshell, millennials differ from other generations of entrepreneurs because they utilize their love of technology even before they start a business. They want to create fun companies with a purpose and plans on giving back to the community with the help of young consumers. They value ideas from their customers and their team and are not afraid to show older entrepreneurs that they also have the power to change and influence the business world for the better.
Millennipreneurs Are Committed to Making a Difference
Millennipreneurs are unique in many key ways. They are committed to changing the world for the better. They also have more creative strategies that differentiate them from older generations, which can help set them up for success.