Incorporating Millennials into Your Business
As millennials continue to enter the workforce, they are taking over both the market place and the business world. As the younger generation matures into adults, more and more are becoming small business owners and entrepreneurs. According to the US Census, 16 percent of current business owners are millennials and we can certainly expect to see this number continue to grow.
It’s important for more traditional business owners to understand how to work with the millennial population and how to create a work environment that allows companies to retain and grow younger talent. I recently was a moderator at CFA’s 71st Annual Convention for the “Next Generation/Millennials” panel, which was devoted to discussing the changes that can be expected when it comes to commercial financing and the millennial generation.
From what was discussed at the panel, in combination with The Business Journals’ Millennial Business Owner study, here are some trends and best practices when it comes to working with millennials.
Diversity is a Must
A trend among millennial business owners is diversity in the workplace. Of millennial business owners, there are more female and minority business owners compared to the baby boomer generation. The lifestyles are more diverse as well. This means that in order to actively participate in business with millennials, you need to embrace diversity in the workplace and be up for trying new things, like mediation or yoga.
Keep a Bright Outlook
According to The Business Journals’ study, millennials are much more confident in themselves, their businesses, and the economic future. 82 percent of them feel confident in the US economy over the year, which might help explain why they are investing at a rate 29 percent higher than baby boomers. So, if you’re interested in doing business with millennials, an optimistic approach to the economy and investments will be a plus.
What are some of your tips for doing business with millennials? Leave us a comment below and be on the look out for part two of this series.