You may be underestimating the value of Millennials. Just because they’re young, it doesn’t mean they’re ‘lazy’, ‘selfish’ or ‘stupid’. Millennials, aged 18-36, account for over 20% of Australia’s population and their purchasing power is exponentially increasing. They are an influential bunch and a force to be reckoned with. Millennials can actually be the perfect fit for your start-up or small business and here are 5 reasons why:
- Millennials are natural entrepreneurs
A 2016 survey by REST Industry Super indicates that more than a third of 18-34 year-old Australians can see themselves owning their own business. They are energetic, agile and excel in fast-paced environments. They are open-minded, think outside the box, and are extremely hard workers. Millennials have all the qualities associated with being an entrepreneur, and with the world of business constantly changing, particularly in start-ups, Millennials provide an upper advantage. They want to learn - give them a chance to do it in a hands-on way in your startup.
- They care about making a positive social impact
Millennials are not simply motivated by money. Studies show that 64% of Millennials say it’s a priority to make the world a better place. According to the Deloitte Millennial Survey 2017, 76% of Millennials regard business as a force for positive social impact and 74% believe business has the potential to solve the challenges that concern them. They care about making a real difference so if you can connect them to your start-up’s vision and mission, they will be indispensable and driven to make your product or service the best.
- They understand social media and tech better than anyone else
Growing up in the age of technology, globalisation and digital disruption means Millennials know more about technology and social media than anyone else. Look at the success of Snapchat, one of the fastest growing social networks, which was founded by Evan Spiegel, Bobby Murphy and Reggie Brown when they were students. Businesses are constantly being disrupted by evolving technology so having these tech savvy Millennials, who are also the consumers of today and tomorrow, on your team will help you stay relevant and on top of changing trends.
- They thrive in collaborative environments
With limited resources, your start-up’s most valuable resource is people. Collaboration is essential for successful start-ups and Millennials are great team players. According to an Intelligence Group study of Millennials, 88% of them prefer a collaborative work culture over a competitive one. They will openly share their passion, experiences and skills with the rest of the team enhancing your start-up environment.
- They are the content creation generation
Millennials are avid content creators and users with 46% posting content online that they have created themselves. Just look at Tumblr, the microblogging and social networking site founded by Millennial David Karp, which is a platform for content creation with 550 million monthly users and 69% being Millennials. With traditional marketing transforming, content marketing has become one of the most powerful tools in business. Content marketing is not about forcing your brand onto your consumers but it’s about creating content that your consumers want to share. There’s no better way to do this than to get the most experienced generation, AKA Millennials, on board to help you do this.
If you haven’t realised by now, Millennials are quite unique. They’re highly educated, different and they’re changing up the way we’re used to doing things. Having diverse perspectives and ideas in the workplace is key for innovation. Millennials’ modern thinking, problem solving and agility will bring a whole new perspective to any start-up.
Don’t underestimate this generation. You need to empower them and you want them on board.