Article 1

5 Ways Millennials Are Like No

Generation Before Them
Millennials are changing the way we do business. 

I'm no expert in generational psychographics, nor am I a fan of generalities. But in having

worked with entrepreneurs across four generations, I have observed several
differentiating factors in the millennial generation that I believe are already changing the
face of business and will completely alter what we expect from our workforce within the
next 10 years. More than that, the way these differentiating factors show up in this
generation of entrepreneurs will revolutionize how we perceive and create value in the
marketplace.

Here are the five ways millennials are different from generations before them.

1. They don’t believe in being shackled to tradition or

location.
This generation didn’t know a time without digital technology; they were weaned on it.
They take for granted that you can put a playroom, a research library, a movie theater,
and the yellow pages for the entire world in your pocket.

While farmers were shackled to their fields and pastures, the industrialists were shackled
to their factories, and the “mad men” were shackled to their offices, while the office
drones were shackled to their cubicles, this generation is shackled only to their devices
and the reach of a cell tower or Wi-Fi signal. As cellular and Internet coverage spreads,
and devices become more and more powerful and portable, those shackles are becoming
less and less restrictive.

This generation has been accused of being lazy. But what generation hasn’t? What I see
is that this generation believes in efficiency of effort for maximum impact. And they
naturally use technology to achieve it.

I’m reminded of the story of “The Man Who Was Too Lazy to Fail,” which was part
of Time Enough For Love by Robert Heinlein. The enterprising hero of the story was
charged with the milking of the cows. But he wasn’t one to enjoy being up with the sun
and he’d been told that was the time the cows required milking. He soon determined that
the cows didn’t give a fig about the time of day, they cared only about frequency and
results.

That hero must have been a millennial ahead of his time. Because that’s exactly how this
generation seems to approach the demands of any business. They figure out the required
outcome and how to get it on their own terms.

2. They don’t believe in the inherent value of face time.

That isn’t to say they aren’t social. Nor is it to say they don’t ever want to take meetings
with clients. They just don’t see why people get paid for showing up unless the job
requires their physical presence. 

Face time, to the millennials I talk to, is more valuable when there’s less of it. When it’s
reserved for the really important pow-wows, or when it’s a smaller portion of the day.

This is, of course, a direct consequence of technology as well, because that’s what makes
it possible. But it’s also a recognition, I think, that the only way to have it all is to work at
maximum efficiency when you work. For the millennial entrepreneur that means fewer
face-to-face meetings and more emails, texts, video conference or calls. It means selling
results, not hours on the meter or time in the building. The positive aspect of that is that
this generation of entrepreneurs is also less likely to fall into the trap of selling their time
or becoming a commodity.  

3. They believe in learning, not pieces of paper.

While my clients of other generations are likely to tell me about the degrees they’ve
earned, or about the prospects or projects they’re afraid they won’t get because of the
degrees they haven’t earned, my millennials talk to me about what they’d need to learn in
order to get the gig.

Which isn’t to say this generation doesn’t value a formal education or certifications. But
when it comes to personal growth or qualifications they value knowledge and experience
more. Time will tell, but while the previous generations seemed to expect that once you
graduated your education was finished unless you decided to pursue another degree, the
millennials seem to have a mindset of continual learning. And why not? With a
connected device they can audit courses from the most revered universities or consult
Wikipedia and countless other reference sites. If they need some practical how-to advice
they can find a forum or a YouTube video. They can learn continually and cumulatively
without compromising their work or lifestyle.

4. They believe in learning from someone else’s

experience.
In line with valuing learning over degrees, this generation is all about learning from
anyone who has done something they want to do. They gobble up stories of successful
trailblazers, they pick the brains of more experienced people in their industry, and they
look to everyone from formal advisers to fictional characters as role models.

5. They believe in life, not work-life balance.

I’ve always had clients ask me about work-life balance. Not my millennial clients. They
want to talk about designing a life. That life includes their family and friends, it includes
their hobbies and pastimes and it includes their business.

While many professionals in my generation are chanting the “what is the world coming
to” mantra that sounds just like the one I heard from my parents, and is probably a lot like
the one they heard from their parents, I’m excited. While others are saying “these kids
have a lot to learn,” I’m thinking these innovators have a lot to teach.
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5 Things Millennial Entrepreneurs

Can Teach Their Business Elders
About Running a Company
FEBRUARY 3, 2015
Enter millennials, the generation now 18 to 33 that display the most positive outlook
when it comes to the economy and growing their business. Despite having less
experience than many of their business peers, they’re bringing fresh ideas and skills to
the table.

In fact, according to our most recent Spark Business Barometer survey, nearly two-thirds
(62 percent) of millennial-owned businesses reported increased sales over the past six
months versus 41 percent of small business owners overall. Additionally, they are the
most likely to grow their workforce this year.

Each generation, like every small business, brings with them a unique perspective and
experience. Millennials are no exception. So what can business owners of all generations
learn from millennials? And how can all businesses strengthen their enterprises in today’s
ever-changing and challenging environment? Here are just a five ways we see small
businesses achieve success:

1. Embrace technology.
Millennials have an impressive understanding of the tech world because they were raised
in it. In fact, according to a US Chamber of Commerce affiliate study, millennials are
nearly 2.5 times more likely to be early adopters of technology than more mature
generations. Regardless of your age or generation, technology can be a great way to both
simplify your operations and improve the bottom line. For example, mobile payment
solutions enable business owners to facilitate credit card transactions quickly and cost-
effectively. In fact, some also help small businesses manage and promote their operations
with free marketing and inventory management tools.

2. Consider non-conventional forms of financing.

Millennials are always thinking outside- the-box to make the most of their
money, especially when it comes to financing. Here’s an example: Taylor Erkkinen, co-
founder of cooking and kitchen supply store Brooklyn Kitchen, obtained a Small
Business Administration (SBA) loan to open a second location. SBA loans operate
through private-sector lenders and are guaranteed by the government: they have features
that might not be available through conventional loans, such as longer payback terms and
higher borrowing limits, two options that can be very beneficial to small business
operations. For the millennial- owned Brooklyn Kitchen, their loan enabled them to
finance a complete website overhaul with an online class signup feature and inventory
updates. Now is a great time for entrepreneurs to access capital. Rates are low, and banks
are competing for business.

3. Make the most of your cash.

Take advantage of savings and other rewards offered by your bank or credit card
company. Another millennial owned business, online wholesale food distributor Buyer’s
Best Friend, saved more than $1,000 per month in credit card swipe fees by using mobile
technology to accept payments. They used that cash to market their business instead, a
much better use of $12,000 per year, don’t you think?

4. Invest in your employees.

Forty-five percent of millennial small business owners plan to hire in the next six months,
compared to 30 percent of all small business owners. Which ones attract the strongest
employees? The ones who show they are willing to invest in their staff.  Benefits such as
competitive 401(k) plans can help small businesses win the competition for talent against
bigger, more established companies.

5. Be willing to take risks but have a plan.

Generation Y seems to be willing to think differently in business building, but every
business owner should start with a strong business plan and revisit it regularly. Having a
solid plan will not only help you secure financial backing and third-party support, it will
enable you to cross-check goals and measure progress along the way. Be prepared for,
and look to benefit from, speed bumps and roadblocks. When you fail, learn from the
experience and take that knowledge to execute a different approach. Try testing new
products or marketing strategies. Go the distance to attract new customers.