By now, most folks are very familiar with the term "Millennial." Said in casual conversation, it typically applies to those people who are 30 years old or younger. By 2025, this group is set to make up 75% of the global workforce. Understanding the Millennial entrepreneur is crucial for the future of business.
As a business owner with an eye on your future goals, you should make sure you are preparing your strategies and business for the rise of the Millennial. The data is just now beginning to come in but here are a few facts about Millenials that you should know.
It might go without saying but, Millennials are the best at using social media for business purposes. They are more than twice as likely to use social media for hiring, recruitment and internal communication than any other age group.
As entrepreneurs and business owners, they worry more than any other age group. This seems natural, since the older you get the more you learn not to worry, hopefully. Millenial business owners worry the most about their reputation being damaged, copyright infringement, and being sued by a client or customer.
Along with their worries, Millennials also had the most insurance coverage for public liability, employers liability, office insurance, and e-risks insurance than any other age group.
Also, less than 20% of Millennial-aged business owners reported being happier, compared to nearly 50% of business owners in the other groups.
What do these trends tell us? They seem to say Millennials in business care about:
Being well trained and investing in the cultivation of professional development in their business. In other words, their professional development. They, like their predecessors, want to make sure they have dotted all the I's and crossed all the T's.
Protecting their brand and their properties, intellectual and otherwise. They take the time to research and implement policies that can impact their business and make the investments to build a strong foundation for their business more than any other age group.
The bottom line is, if you want to do business with the future, you will probably be doing business with a Millenial, and so it pays to understand not only what they get out of working with you, but the ways they are building the busionesses of the future.