There’s been no shortage of articles discussing the impact that Millennials are having in the world at this time. And while it may appear that it’s just a lot of hype, Millennials are deserving of the attention they are garnering as they’ve become America’s largest generation and are disrupting the economy. Everything from purchasing a home to their career choices are different for Millennials than any past generation. Also, unlike previous generations, Millennials are opting to rent, share, (just about everything) embrace freelancing, and they are postponing major life decisions like marriage. Because Millennials see the world differently, they’re also perfect for building companies in today’s fast-paced and interconnected world. Millennials already see and are living the interconnectivity.
They chase their passions.
Nelson Mandela once said, “There is no passion to be found in settling for a life that is less than the one you are capable of living.” And, it appears that Millennials have taken that quote to heart.
According to the Accenture Strategy 2016 U.S. College Graduate Employment Study, 70 percent of students reported that they’d take less money to work at a company that provides a positive social atmosphere.
“The class of 2016 is especially passionate and seeking a fulfilling employee experience in their first job,” said David Smith, senior managing director, Accenture Strategy. “They are increasingly looking at workplace culture, and benefits other than salary, as important factors when making career decisions.”
Katherine LaVelle, managing director, Accenture Strategy, adds that “Graduates are hungry for a culture with opportunities for rapid advancement and the ability to actually love the work that they do.”
Because of this progressive thought process, it’s easy to see why freelancing has become so popular among Millennials. They would prefer to follow their passions and have the freedom to work wherever they like, as opposed to a traditional 9-to-5 gig in an office.
For Millennials wanting to start a business, this striving for a work/life balance can be used to their advantage. They can start a business that they’re not only passionate about, but one that other Millennials are excited about as well. Better yet, they don’t need an office and a Millennial can and will hire like-minded individuals from anywhere in the world.
They want to make a difference.
It’s no secret that Millennials want to change the world. In fact, 85 percent of millennials correlate their purchasing decisions and their willingness to recommend a brand to the social good efforts a company is making.
That’s right in-line with the mentality of startup founders. Even if the business isn’t directly solving global warming or world hunger, these new startup founders and Millennials are taking the initiative to donate money and products and they are encouraging team members to volunteer.
They’re able to adapt quickly.
Millennials learned the importance of being flexible following the 2008 economic collapse. Jeff Boss, author of “Navigating Chaos: How To Find Certainty In Uncertain Situations,” says that “Millennials learned to expect change; they learned to anticipate working in chaos but more so, they learned to problem-solve for solutions.”
As a business owner, you have to possess those types of traits in order to quickly pivot to the demands of the ever changing markets, customers and competitors. And, more importantly, all business will have to be able to make these changes quickly.
They know how to network online.
Millennials are “the most connected generation in human history,” writes Sara Horowitz, founder and Executive Director of Freelancers Union. “They understand the power of affiliations, even the loose connections more traditional generations would have dismissed.”
Whether it’s interacting with industry thought-leaders, customers, or potential employees, Millennials know how network online by building meaningful and long-lasting relationships – even if that relationship doesn’t seem relevant at first.
They can find alternative sources of funding.
Instead of relying on bank loans or investments from Angels or VCs. Millennials are able to tap into alternative sources of funding their business.
One of the most progressive options Millennials are using for business is in crowdfunding sites like Kickstarter where they can validate their business ideas and presell products.
Besides crowdfunding sites, Millennials are able to use peer-to-peer lending sites to obtain funding for their businesses. Interest rates may be higher, but there is the ability to have access to the money that is needed almost instantly, as opposed to waiting for weeks or months.