Today’s generation is more into taking risks, making the most of the situation and discovering themselves. These qualities are not only making millennials fearless to try new things but have also attracted corporate giants such as Forbes, Deloitte and Goldman Sachs to analyse their success.
We always talk about what young entrepreneurs and millennials can learn from the world’s most successful entrepreneurs and their struggles. Well, we think the tables might have just turned. In fact, a lot can be learnt from millennials about running a successful business.
From their sense of creativity, the way they adapt new technology into everyday life, their fearless attitude and how they handle the social pressures put on them, successful as well as struggling entrepreneurs can learn a lot from millennials.
Here are three prominent business lessons millennials can teach us:
1: Flexible Work Schedules – Increased Creativity
Although the majority of millennials today are graduating and entering the business world with huge sums of student debt hanging over them, it is surprising to see them succeed as young and well-established entrepreneurs.
One of the most common yet an inspiring example for any entrepreneur would be that of Mark Zuckerberg. He designed the basic version of today’s most popular social media site – Facebook while he was studying in Harvard. Today Mark Zuckerberg’s net worth is around $53.6 billion.
Mark Zuckerberg is a prime example that shows us how millennials today differs from their predecessors. This generation does not live to work, instead they work to live. In other words, flexible working time is the most favourable thing among the millennials. It is due to flexible working hours the employees can find some time for fun and family.
A survey conducted by Deloitte shows that over 67 per cent of millennials believe work-life flexibility improves their workplace productivity. Moreover, these are the same people who even claim that flexible working hours has improved their health and happiness.
Freelancing on the other hand has also gained popularity among the millennials, especially because it offers flexible work hours along with the ability to work from home.
2: Generation Digital – Using Technology for Productivity
The millennials have proven themselves worthy enough to be called the driving force of the business world today. According to Forbes, millennials are getting ahead of the game by launching their businesses earlier than the generation before.
So, what exactly has encouraged and let this generation get their big breaks at such an early age?
Well, we believe a part of this answer has to do with the adaptation of the latest technology. They surely achieved most of it due to the development of digital technologies alongside.
The young generation of entrepreneurs are able to make a name for themselves in this ever changing business world is by integrating the latest digital technological trends in their business infrastructure.
In fact, like we keep mentioning now and then, the millennials are fearless to adopt latest trends and use in accordance to their favour. For instance, millennials are more open to using an alternative finance source for securing funds rather than relying entirely on traditional banks. Such life-hacking strategies and their fearless attitude helps them getting ahead of the game.
Additionally, time-saving software and web-based project management tools make a huge difference to daily business operations of the company. With such tools, companies can record the time taken on tasks to improve efficiency and can also keep track of their upcoming deadlines.
Hence, adaptation of the latest digital technologies has played a major role in the life of millennials for achieving success at a younger age.
3: A Sense of Social Responsibility
If observed carefully, it will come to your notice that millennials are just a bunch of charitable individuals. The morals that millennials run their businesses with, makes them use their business as a force for positive social changes.
Over 60 per cent of the millennials possess a sense of social responsibility. If you remember, Mark Zuckerberg and his wife Priscilla oath to donate 99 per cent of their Facebook shares across their lifetimes in an open letter they wrote to their daughter upon her arrival.
With more and more millennials aspiring to achieve the same, there is no surprise that a sense of social responsibility has arisen among the business world.
What Do We Learn From The Millennials?
It is very obvious that millennials are fearless risk-takers who aren’t afraid to make their opinions heard. According to us, they have brought changes in the business world for good. From encouraging entrepreneurs to integrate digital technologies for increasing business efficiency, to a new sense of social responsibility, millennials surely can teach us more than just a thing or two.