Millennial entrepreneurs are changing the current business landscape. They’re a generation that is starting to realize that some workforce practices do not yield the best results after all. For instance, a regular 9-5 job doesn’t appeal to young people anymore.
They’re more inclined to output-based management that allows them to work from home. Since they grew up with advanced technology, they are fully aware of the benefits this gives business, and they know – more than anyone – how to put it to good use.
This is a generation that knows how to get more work done, given a short amount of time. These entrepreneurs are changing the game in their chosen industries. Millennials are starting businesses twice the number as those of their older counterparts.
They’re also using new marketing strategies (e.g. influencers). They’re taking risks – huge ones – with the drive to navigate this modern, technological world. As cited in Inc., 66% of millennials aspire to start their own business. millennials believe that this is a gateway to a functional work-life balance.
For them, being their own boss takes away the possibility of getting laid off on economic turmoil. Thus, owning a business means financial stability. For millennials planning for start-ups, here are three businesses the modern world needs:
Social media marketing
We’ve had newspapers, radio, TV commercials. Now, we have social media. It’s cheap, and it can reach a wide audience. Like any other marketing strategy, social media management needs expertise. Not every client can do this, nor do they have time to manage business accounts.
Virtual assistants and social media managers are in demand today as more companies look to make their presence known online. Hubs that provide teams to write blog posts, track analytics, edit infographics, etc. help companies by connecting them with people who can help their online following grow.
Many are apprehensive about opening physical retail brands clothing franchises because they fear it couldn’t compete against online stores. However, a shopper’s experience relies on customer service. In a physical store, customers can try on clothes and see if they look good in it.
They are store representatives that guide customers into purchasing the best outfit. In retail clothing stores, each piece is selected by the owner for quality control and keep the collection unique. Local retail stores also create a customized shopping experience because the community shapes its trends.
Young people are slowly dreading offices. Stark lighting. Clinical walls. Cramped desks. These cause unnecessary stress for the workforce. Today, they patronize co-working spaces. These are places that are designed for people who are looking to work independently.
It creates a vibe conducive to productivity for professionals and students alike. These places provide high-speed internet, sockets, desks, and for some, coffee. It’s also naturally quiet – like a library – because of the consensus that everybody there needs to focus.
Look at it like this: a co-working space is a hybrid of a coffee shop, an office, and a library.
At this very moment, millennial entrepreneurs are already shaping the economy with wise choices and informed risks. They’re changing how businesses work and adapting to the needs and innovations of the modern world.