The 5 Habits Millennials Have That Help Propel Their Business Success
Millennials are in their prime now. They are the ones at the helm of the big tech companies. And their demographic has become America's largest workforce. In fact, considering the positions they already occupy, they have arguably outperformed the generation before them.
Certainly millennials are greater beneficiaries of society's advancements in technology and innovation than the generations preceding them. Yet, what they will ultimately accomplish comes down to one thing: attitude. That means the way they see the world, their beliefs and the ways in which they react and respond to circumstances.
This is not to say that people in other generations lack the following qualities, but millennials seem to have pushed their utilization into overdrive. So what attributes and habits do many millennials possess that have made them so successful in business? Here are a few of them.
1. They have an adventurous spirit.
At least they are more adventurous than the older generations. For instance, millennials have been shown to be more frequent globe trotters than any other generation -- whether that travel is for leisure or business or both.
According to a report by Hipmunk, 81 percent of millennials will probably add extra time to a business trip, compared to 56 percent for Gen-Xers and 46 percent for baby boomers. Also, 74 percent of millennials told Hipmunk that they opt for vacation rentals on a business trip, compared to 38 percent of Gen-Xers and 20 percent of boomers.
These statistics indicate that when millennials travel for business, they still try to make some time to explore their surroundings. They're not satisfied with just passing a few nights in a hotel room and boarding the next flight home. They want to explore new cultures and people, learn new languages, get involved in activities and make new connections. From their perspective, there are other great reasons for travelling beyond having a successful business meeting.
In this way, millennial entrepreneurs have often picked up a thing or two about how foreign cultures do business and tackle business problems. This helps millennials gain fresh perspective and insight on how to tackle their own business problems at home.
2. They love to push the envelope.
If there is one thing millennials are never satisfied with, it's the status quo. They believe that no matter how good something is, there is always a better way to top it. Whether the goal is an amazing presentation, an office expansion or something as basic as the creation of an outstanding business card, they always thrive for excellence.
This is obvious in their workplace attitudes. While baby boomers are all about a steady career path, work ethic, loyalty and compensation, millennials are more concerned about personal development, creative outlets, meaningful work and immediate feedback.
Yes, millennials are daring and willing to take a chance on their assumptions if that promises some sort of breakthrough that will push their businesses forward. And, often, taking a chance proves fruitful.
3. They always ask to know why.
A simple yes or no answer will not cut it for millennial entrepreneurs, and this makes it seem that they ask a lot of questions. They always want to investigate until they find out the reason behind the answer. Whenever they fail to secure a particular investor, retain an invaluable employee or keep their customers happy and satisfied, they ask why.
Smart entrepreneurs within this demographic understand the power of asking questions. They don’t hesitate to ask critical and hard-hitting queries of other successful entrepreneurs as they themselves venture into entrepreneurship. Millennial culture has proven itself effective at finding a solution that works for these young entrepreneurs' businesses because they get smarter at the end.
4. They're team-oriented.
Generally, millennials elect collaboration over competition. They believe that the greater the number of advocates there are for a particular cause, the greater chance there is for success.
They understand that collaborative efforts through partnerships, customer feedback and encouragement of employee contribution help to foster a better business atmosphere and growth in millennial-owned businesses.
5. They're voracious consumers of information.
Millennials’ capacity to consume information makes the similar exploits of older generation seem extraordinarily tame. According to a report by Nielsen, with the exception of DVR/time-shifted TV and AM/FM radio, millennials in 2014 and 2015 eclipsed every preceding generation in information consumption. Undoubtedly, this gap will only widen in the coming years.
Millennials' capacity to gather data, helped by the internet and information-gathering tools like Google Analytics, has helped them leverage information to make informed business decisions. By keeping an eye and ear out on business news sites like the Wall Street Journal, CNBC, Bloomberg, etc, they stay abreast of changes in trends, customer perceptions about their products/services and regulatory/policy changes that will affect their ventures.